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Time to Unlock America’s Vast Oil and Gas Resources

September 1, 2016

The doubling of U.S. oil production between 2008 and 2015 has come despite increasing federal restrictions on oil and gas production in the United States. These needless regulations hurt America.

The doubling of U.S. oil production between 2008 and 2015 is an amazing story of American ingenuity and persistence coming despite increasing federal restrictions on oil and gas exploration and production in the United States. North America’s oil reserves total nearly 1.8 trillion barrels of recoverable oil. Lifting restrictions on energy production that have little, if any, environmental benefit, could add 700,000 jobs and $3.7 trillion  to GDP through 2035. In addition, opening access to abundant U.S. oil and gas resources could reduce electricity expenditures for households up to 10.19 percent per year, and provide a family of four, an additional $40,000 of income by 2035.

Author
Nicolas (Nick) Loris, an economist, focuses on energy, environmental and regulatory issues as the Herbert and Joyce Morgan fellow at The Heritage Foundation as well as a policy advisor for The Heartland Institute.
nick.loris@heritage.org @@NiconomistLoris