THE CASE FOR EXPORTS: America's Hydrocarbon Industry Can Revive the Economy and Eliminate the Trade Deficit
he world has changed since the passage of the 1975 Energy Policy and Conservation Act, a law that set the tone for energy policy for nearly a half-century. Technology and demographics have eviscerated old ideas of limits and import dependency. Given the new abundance, the United States now has the opportunity to become a major energy exporter.
he world has changed since the passage of the 1975 Energy Policy and Conservation Act, a law that set the tone for energy policy for nearly a half-century. Technology and demographics have eviscerated old ideas of limits and import dependency. Given the new abundance, the United States now has the opportunity to become a major energy exporter.
America is now the world's fastest-growing oil-and-gas-producing region and has the capability to become a net energy—and even a net oil—exporter. Meanwhile, China has become the world's largest importer of oil. Imports are, in fact, rising across the Asia-Pacific region. This new energy reality is fundamentally reversing the trade and economic positions of China and the United States.
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