America now produces more oil and gas and holds more coal reserves than any nation, surpassing Saudi Arabia in 2013 as the largest producer of petroleum hydrocarbons in the world.
Because of these recent increases in domestic energy production – driven by market forces, pro-energy policies, and American ingenuity, under President Donald J. Trump, America became a net energy exporter, meaning we export more than we import.
If America continues to lead by fostering free markets and energy entrepreneurship, America and her allies will benefit from a wealth of energy and ideas, thereby increasing our economic and geopolitical security.
Within days of the Biden Administration White House takeover, it became obvious this is not their plan. Democrats are on course for a socialism Globalist stance. We can preview where this will take us going down this path by looking at Europe.
Average electricity rates in Germany have risen by more than 50% in the last 10 years
According to Eurostat, retail electricity rates for an average German household rose from 20.6 to 30.5 Euro cents per kWh from 2007 to 2017.
This increase is primarily due to taxes and levies to support renewable energy generation and integration, including a 6.88 Euro cent per kWh levy for direct payments to renewable energy producers.
Average retail prices for U.S. households were 12.9 cents per kWh in 2017.
Direct taxes and subsidies for renewable energy cost and estimated €24 billion in 2017, and IHS estimated that net export losses due to high electricity prices were €52 billion from 2008 to 2013.
Despite hundreds of billions of Euros in taxes and subsidies over the past two decades, CO2 emissions in Germany only fell by 9% from 2003 to 2016 because Germany is forcing out nuclear generation, the only practical means to achieve zero carbon electricity generation, and relying on coal to support intermittent renewable resources.
The recent experience of Germany and many other countries, including many U.S. states, has shown that mandates, taxes, and subsidies that support renewable energy and increase power prices are regressive, distort markets, and do not move the needle on global climate change.
By most accounts, the U.S. contains enough reserves of fossil fuels to sustain current production levels for many decades to come.
The latest estimates show that the U.S. has at least 310 billion barrels of recoverable oil, enough for almost 80 years of production at current rates.
North America has over 2 quadrillion cubic feet of recoverable natural gas, enough for more than 60 years at current production rates.
The lower 48 states have enough recoverable coal to meet current demand for 350 years. And more resources are being found every day as the energy markets go to work.
Energy demand and production will always have their booms and busts due to economic cycles and price fluctuations, but the fact that more than 80% of the energy we consume comes from petroleum, natural gas, and coal will not change in the foreseeable future.
Thanks to the shale revolution, domestic production is rising to satisfy that continued demand. The Energy Information Administration correctly projected the U.S. would produce oil and natural gas at record levels in 2018 and 2019 and became a net energy exporter in 2020.
Before Biden, we were making great progress in technological advances and the efforts of energy entrepreneurs, we were unlocking resources once thought unattainable and achieve sustainable fossil fuel production.
Is it any wonder China will soon earn its third wind turbine farm in Texas on land they know is rich in fossil fuels?
Note: Much of this information came from Life:Powered, a project of the Texas Public Policy Foundation to ensure that Americans continue to benefit from abundant, reliable, safe, and clean energy.