The deregulation implemented by the Trump administration strengthened the energy sector, allowing for increased productivity and lower energy prices, to benefit U.S. consumers.
The United States also became a net exporter of crude and refined oil, achieving broad-based dominance of the sector for the first time since 1949, according to a July 29 White House report.
According to 2019 statistics, the U.S. outperformed Saudi Arabia in oil production by approximately 20 percent, ranking first globally.
These developments brought benefits to consumers in the form of savings of 63 percent in the domestic price of natural gas and 45 percent in electricity’s wholesale price.
Thus, “The Council of Economic Advisors (CEA) estimates that the shale revolution [an innovative form of oil production] saves U.S. consumers $203 billion annually, which is equivalent to an average of $2,500 for a family of four,” the report states.
The money saved “represents 6.8 percent of the income of the poorest fifth of households, compared to 1.3 percent for the richest fifth of households,” the report added.
The Trump administration’s strategies to maintain dominance in the sector are “cutting regulations, simplifying permitting, and encouraging private investment in energy infrastructure,” reported Fox News.
As for natural gas production, by 2017, the United States had already achieved export levels not seen since 1957.
The basin located between Texas and New Mexico that has produced shale oil and natural gas since 1920, climbed to the fourth-largest crude oil production in the world.
Also contributing to the energy sector’s dynamism are the exports of coal and liquefied natural gas (LNG) driven by President Trump’s management.
The CEA highlighted the significant impact caused by innovation. The generation of oil shale brought an eightfold increase in extraction productivity in natural gas processes and a nineteenfold increase in oil, between 2007 and 2019.
Thus, LNG exports have increased fivefold under the Trump administration, reaching 38 countries. Coal exports exceeded the Energy Information Administration’s (EIA) 2017 forecast by more than 54 percent since President Trump took office.
No less important in terms of environmental benefit is the significant decrease in greenhouse gas (GHG) emissions.
Between 2005 and 2017, innovation in shale mining reduced emissions by 527 million metric tons per year.
Also, “concentrations of criteria pollutants have declined since 2017. Lead was reduced by 28 percent, sulfur dioxide by 10 percent, and suspended particulates by 12 percent. … The electric power sector has reduced carbon dioxide emissions per unit by 15 percent from the previous year.”
During the Trump administration, its campaign promise of energy improvement became an agenda of energy domination, with output reaching the highest level in history, making the United States the largest oil producer, according to the Oil Price media.