U.S. Energy Industry Giving Americans One More Thing to Be Thankful for This Year
There’s much to be thankful for this time of year: friends, family, good food, and even fracking. Thanks to continued innovation by industry, the United States is awash with oil and natural gas, helping to bring families together, keep them warm and put money back in their pockets.
Natural Gas is Helping American Families Save Thousands of Dollars
According to the U.S. Energy Information Administration, about half of U.S. households rely on natural gas to heat their homes and cook that delicious Thanksgiving meal. In 2018, natural gas was the source of about 24 percent of the residential sector’s total energy consumption.
This increasing reliance on natural gas is helping to save Americans thousands of dollars – just in the time for the holidays! Thanks to soaring natural gas production, American consumers have saved over $1.1 trillion in the past 10 years, according to a report by Shale Crescent USA and the Ohio Oil & Gas Energy Education Program. Natural gas costs have fallen 65 percent since 2008, having a direct impact on almost all of the goods and services Americans rely on every day. As a result, the report estimates that American families are saving an average of $900 per year.
Even better, Americans that directly use natural gas to power their homes, save $4,000 annually. And for households in the lowest 20 percent of income, the realized savings equate to 2.7 percent of annual income. These savings don’t even account for the thousands of high paying American jobs being created by the industry every year.
This clean-burning fuel is also reducing carbon emissions
As our use of cleaner, more efficient natural gas continues to grow, so do our emission reductions. The shift to natural gas has reduced carbon emissions in the United States by more than 2.8 million metric tons of carbon dioxide since 2005, making it the largest source of energy-related carbon savings.
The EIA projects that this fantastic progress will continue into 2020 and beyond:
“EIA forecasts that, after rising by 2.7 percent in 2018, U.S. energy-related carbon dioxide (CO2) emissions will decline by 1.7 percent in 2019 and by 2.0 percent in 2020, partially as a result of lower forecast energy consumption. In addition, EIA also expects U.S. CO2 emissions in 2019 to decline because the forecast share of electricity generated from natural gas and renewables will increase…”
All the while, Americans are safer than ever before.
The International Energy Agency recently revealed that that the United States will dominate world energy markets through 2030, overtaking Russia as the world’s leading producer of oil and natural gas. IEA projects that the United States will account for a staggering 85 percent of the world’s oil production growth and 30 percent of natural gas growth through 2030. This increased production has also helped the United States to become the world’s leader in oil exports and LNG exports. This impressive transformation is bolstering U.S. energy security, making us less reliant on foreign countries and less vulnerable to supply chain disruptions.
As Kenneth Medlock, Senior Director of the Center for Energy Studies at Rice University’s James A. Baker Institute for Public Policy, explains:
“As the U.S. increases its exports of crude oil, petroleum products and natural gas, its influence explants into those nations that increasingly rely on imports to satisfy their energy appetites associated with economic growth. In general, expanded US production renders global supply to be more responsive, and, as a result, carries an energy security benefit to consumers at home and abroad.”
Politics at the Thanksgiving table is inevitable. Fortunately, all families can unite behind the energy source that is increasing our natural security and helping to drive down emissions, all while saving Americans money. This year while watching football inside your warm house, driving to visit family, or pulling that delicious turkey out of your oven, give a little thanks to fracking for helping make it all possible.
From all of us at Energy in Depth, we wish you safe travels and a happy Thanksgiving!