Domestic energy production is a critical factor in the future growth of the United States economy. 6 reasons confirm America’s best chance for success is tied to the development of domestic energy production.
- The energy industry creates high-wage STEM jobs. Science, Technology, Engineering, and Math (STEM) occupations are all over the energy industry sector and they command higher wages, earning 26 percent more than their non-STEM counterparts. These STEM jobs require a larger investment in higher education as these occupations demand higher skills. Many companies in the energy industry also employ Veterans, utilizing their vast technical experience, critical thinking, and leadership skills.
- The energy industry is one of the five growing industry clusters. Of the 51 economic development clusters, the energy industry, along with high-tech, global, advanced service, and advanced manufacturing firms, is one of the five drivers of economic development as these industries are leading the economic recovery.
- Low-cost, reliable energy fuels the rest of the economy. Every industry runs on energy and the availability of low-cost, reliable energy is a critical piece of a community’s infrastructure needed to retain and attract high-wage jobs. Low-cost, reliable energy is provided by either monopoly-based regulation or market competition as the way we regulate energy delivery services is changing to a competitive marketplace.
- America has an abundance of renewable and non-renewable sources of energy. Whether it is the shale oil and natural gas revolution or wind or solar power, regions all over the U.S. are enjoying a renaissance in domestic energy production that is providing energy independence and renewed economic growth.
- Energy demand growing globally. While American energy demand is expected to remain relatively flat due to efficiency and productivity increases, the global demand for American energy sources is high. Developing economies’ expansion into the manufacturing sector as well as Europe’s dependence on Russian natural gas will drive these two large markets to American energy sources due to the economic and political stability of the United States.
- Corporate America shifting to renewables. Responding to consumer demands, corporations from Honda to General Mills to Amazon and Google are shifting their energy use to renewable sources. Whether it is a manufacturing facility or data center, companies across the United States are focused on using renewable energy sources to operate these facilities and are focused on regions that understand their needs.
The discovery and use of domestic energy sources is the key to economic success for these regions. Of course, both urban and rural energy-friendly markets need to take steps to diversify their economy, make strategic community investments and build infrastructure based on the influx of revenue from new energy discoveries. America will enjoy the benefits of domestic energy production for decades to come. It has the potential to produce an economic renaissance on par with the Information Age boom of the 1990s. Maybe, more importantly, global conflicts such as the Russian-Ukraine War illustrate the danger nations face with a reliance on global sources of energy.
