America's energy boom provides a unique opportunity for the U.S to create even more jobs, and save energy, for Americans by updating our nation's energy infrastructure.
Within the past few years, the United States has become the world's top producer of oil and natural gas. This dramatic expansion in our nation's energy production has rocketed us ahead of perennial top oil-producing nations like Saudi Arabia, Russia, China, Canada, and Venezuela.
As a result, spending on the infrastructure necessary to support our energy boom has increased — about 60% from 2010 to 2013. In 2015, neary $45 billion was spent on new infrastructure. This is a great start. But more is needed to support our nation's new place as the world's leading producer of oil and natural gas.
A study by The INGAA Foundation (April, 2016) estimates that updating our national energy infrastructure between could cost $170 billion - $220 billion between 2016 - 2019, depending on market fluxuations in the cost of natural resources. Other projections show that infrastructure updates have the potential to generate as much as $1.14 trillion in new capital investments by the year 2025, with wide-reaching benefits that could support 1.15 million additional jobs and $27.5 billion in average revenue to the government.
And the benefits don't stop there. It will also get the energy to where it is needed.
If America is to continue to lead the world as the top producer of oil and natural gas energy, we must have the infrastructure necessary to secure our nation's energy future.
- How Energy Infrastructure Supports American Jobs and Economy
- Infrastructure Through 2035: Leaning into the Headwinds (INGAA Foundation report, 2016)
- Energy Infrastructure (EnergyTomorrow.org)