Here is a simple facts folks: Every barrel of oil or cubic foot of gas that we produce at home instead of importing from abroad means more jobs, fast growth, and a lower trade deficit.
New techniques and technologies of the industry have increased productivity, growth, and national income. And terms of trade have improved through lower dependence on foreign oil and higher net overall exports, raising standards of living and economic growth rates. More recently, increased oil and gas production “played a big role” in better-than-expected second-quarter growth in gross domestic product as the trade deficit in petroleum fell to a record low in June.
Economic news like this is just one more reason for us to celebrate the resurgence of domestic oil and gas production,