Oil Boom Credited with Shrinking U.S. Trade Deficit by 22%
Energy Independence has been the goal of every president for 40 years. But until now, it is a goal that has seemed unattainable.
“Everyone agrees it’s a good idea. And that’s all it has been until now – an idea,” said Mike Mears, CEO of Magellan Midstream Partners, L.P. “But new technologies, massive new discoveries - largely made by Oklahoma companies - it literally changes everything.”
As the number one place in the nation to invest in oil and natural gas, and with more than 300,000 people employed or supported by the industry, Oklahomans are playing a big part in laying the path toward energy independence.
The benefits of increasing domestic energy supplies are far reaching. Besides strengthening national security, creating jobs and increasing tax revenue, an Aug. 6 article from The Wall Street Journal credited the oil boom with shrinking the U.S. trade deficit by 22 percent.
“The most recent report in part reflects a strengthening domestic energy industry. Imports of fuel oil and other petroleum products fell, while exports of both rose,” said Wall Street Journal reporter Brenda Cronin. “June’s reading showed narrowing trade deficits between the U.S. and partners such as the European Union and China…the U.S. imports far more from China than it exports. In June, however, imports from China edged down while exports moved up."
Recently, the OERB launched an energy independence campaign aimed at getting more Oklahomans more involved with the movement. Energy independence can be our gift to the next generation. Visit www.advancingenergy.oerb.com to learn more and become involved.