Strategic Energy Policy

Floor Speech

Mr. THOMPSON of Pennsylvania. Mr. Speaker, in a dramatic shift from just a short time ago, the United States is reducing its dependence on foreign sources of energy. It has the opportunity to become a major force in the international energy market. It is being made possible through the development of our domestic energy resources, namely the expansion of unconventional resources, such as shale gas and oil.

Through remarkable innovations, the U.S. has been able to access oil and gas from shale formations that were previously inaccessible or uneconomical to produce. As a result, we have quickly moved from energy dependence and a weaker footing to energy abundance and strategic leverage both domestically and abroad.

At a time when the economy has not recovered at an acceptable pace, gas production in particular areas, such as the Marcellus shale in Pennsylvania, have provided a key source of economic relief and job creation. As a result of the Marcellus, Pennsylvanians and Americans across the country are benefiting from lower heating costs, businesses are able to produce goods more efficiently, and manufacturers are looking to relocate to the United States to create products, support economic expansion, and grow jobs that were previously headed overseas.

But, Mr. Speaker, if we are to sustain the same level of growth and expansion, policymakers must make smart choices for the future so that we support rather than hinder this opportunity. To start, we must continue to expand gas utilization domestically.

The Marcellus shale, for example, has changed where, in the United States, gas is transported and utilized and how it is transported from region to region. This reconfiguration requires new infrastructure, including pipelines for transmission and transport and new processing facilities, and this all requires long-term planning and investment.

Additionally, because the domestic production of natural gas is far surpassing U.S. demand, most economists agree that a modest expansion of natural gas exports would serve to stabilize domestic prices and supply, which is critical to sustaining the rapid growth in the industry that we have witnessed. Furthermore, each gas export terminal is a multibillion-dollar investment that creates construction jobs in addition to the more permanent positions within the natural gas value chain. That means jobs for steelworkers, turbine manufacturers, pipefitters, and others, which will help communities across the country.

Given the situation in Ukraine and events in the Middle East, we are reminded that our energy resources can also provide significant geopolitical benefits. Exporting even a small amount of these plentiful resources overseas to our allies will strengthen not only our domestic economy but our national security. President Obama, Secretary of State Kerry, and leaders of the European Union have clearly stated that additional global supplies of natural gas will benefit Europe and our strategic partners. For this reason, I am proud to say the House recently passed H.R. 6, the Domestic Prosperity and Global Freedom Act. This bipartisan bill would streamline the permitting process for natural gas exports.

In February 2014, the United States Department of Commerce reported that our national trade deficit for 2013 improved by $63.1 billion in comparison to 2012. However, despite this improvement, figures for the month of April are now showing that imports are increasing and that exports are decreasing, and as a result, the trade deficit is now at a 2-year high. With the U.S. Department of Commerce having acknowledged that increased petroleum exports are a key factor that can contribute to a lower trade deficit, it makes perfect sense to allow additional LNG exports in order to further reduce the trade deficit. In addition to its economic and international benefits, natural gas has helped to significantly lower our carbon emissions, which decreased by 3.8 percent last year in the United States, down to 1994 levels, according to government data.

The United States needs a smart energy policy that enables the citizens to continue receiving the benefits of abundant, low-cost energy, but also one that utilizes these resources as a tool of strategic leverage to improve our environment and shape international events to the benefit of America and its allies.

Mr. Speaker, we have made a smart and strategic decision in the House with the passage of H.R. 6. Let's continue to advance similar policies to further leverage the many benefits of our domestic energy resources. Let's do it for the good of the American people and our Nation's strategic competitiveness in the world.

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