You don’t have to watch the presidential debates to know the oil and natural gas industry is under attack. It’s beginning to feel as if no one realizes the importance of our oil and natural gas industry to our everyday lives and to our nation’s security. This means it is more important now than ever to be an oil and natural-gas advocate. We need to share the things we know about the industry with our friends and family, or with anyone who might not be savvy about where the things they use every day, and take for granted, come from.
Continuing to grow
You have most likely heard that America is now the largest oil and natural gas producer in the world. But something you may not know is that according to the International Energy Agency, by 2025 U.S. oil production is expected to equal that of Saudi Arabia and Russia combined. As of 2018, Russia and Suadia Arabia were producing over 23 billion barrels of oil a day combined. This milestone might be reached with the help of our next fact.
An unheard of discovery
In 2018, the largest oil and natural gas discovery in the history of the world was made in Texas and New Mexico. The U.S. Geological survey assessed it to contain 281 trillion cubic feet of natural gas, 46.3 billion barrels of oil, and 20 billion barrels of natural-gas liquids. This is unheard of, and it is very good news for America’s continued energy security. It could even be much larger than the original estimate. Another company, RS Energy Group, estimated that it could be as large as 230 billion barrels of oil.
Let’s talk money
It’s also imperative to let people know how important the oil and natural gas industry is financially, both to the individual and to Texas. Individually, fracking has lowered the cost of gasoline and electricity. The White House Council of Economic Advisors estimates that fracking is saving the average family around $2,500 a year. For the state of Texas, the industry exceeded $116 billion in taxes and royalties over the last ten years.
Texas is home to about one-sixth of all the pipelines in the United States. As such, Texas was the first state to adopt pipeline safety regulations; it knew how important pipelines are. For one example, they make the roads safer for all of us. For every 50 miles of 20-inch pipeline, there are over one and a half fewer trucks transporting natural gas, crude oil and petroleum products on our highways.
Now is the time to become an advocate and spread the word about the benefits of the oil and natural gas industry. Losing this industry or adopting regulations that would hurt the industry would hurt us all in every area of our lives.