Abstract:
The shale oil revolution of the early twenty-first century has placed the United States at one of its most pivotal points in recent history with regards to energy policy. The production boom in 2008 led to an increase of nearly three million barrels per day within five years, accounting for over 90% of new crude oil growth. Such growth has transformed the U.S. from the world’s largest importer to a growing exporter of petroleum products, reducing its dependence on OPEC by more than half, rendering it a major competitor to Russia in refined product exports, and promising energy self-sufficiency for North America in coming decades.
Policy Recommendations:
- Lift the ban on exports of U.S. crude oil
- Expand existing programs related to the sharing of technology and knowledge related to shale development
- Fast track pipelines on federal lands; approve Keystone XL
- Where possible, reroute and reduce oil transport via rail; create incentives to accelerate building of safer (double-hulled) tanker cars
- Improve fuel efficiency standards and transition to natural gas
- Redivert $24.2 billion in revenue by closing oil companies tax loopholes
- Create National Advisory Board on energy policy
