Of Note: The emergence of innovative methods (like hydraulic fracturing or fracking) for extracting oil and natural gas from shale formations has led to increased exploration. As of December 2014, proven U.S. oil reserves surpassed 36 billion barrels for the first time since 1975, and America’s current supply of natural gas could sustain domestic consumption levels for an estimated 87 years.

America’s energy boom has led to forecasts that the U.S. will become a net exporter of natural gas at some point before 2020. Businesses and regulators are currently working through the process of approving applications for natural gas export facilities. This has also carried over for oil production, as the U.S. surpassed Saudi Arabia and Russia to become the world’s largest producer of oil.

In the debate over whether the U.S. should allow the export of domestically produced oil there have been numerous economic analyses done on the subject. The Aspen Institute, the Brookings Institution, and Columbia University all found — to varying degrees — that allowing U.S. exports would reduce domestic gasoline prices by as much as 12 cents per gallon, and reduce unemployment by about 200,000 people per year over the 2015-2020 period.

Oil Change International conducted its own study, estimating that a 9.9 billion barrel increase in oil production could lead to the release of more than 4.4 billion tons of carbon dioxide into the atmosphere — deepening the negative impacts of climate change. Environmental activists were aggrieved when a Senate committee hearing on the export ban failed to include discussion of the potential impacts on the climate and environment.

Media:

• Sponsoring Rep. Joe Barton (R-TX) Press Release
• Bloomberg
• Politico
• Council on Foreign Relations (In Favor)
• Think Progress (Opposed)
• NPR (Context)