At last week’s North American summit, President Obama testified to the many benefits that have accrued to Mexico, Canada and the U.S. as a consequence of lowering trade barriers through the North American Free Trade Agreement. And the president made clear that much of last week’s summit focused on ways to reduce any continuing trade frictions.
The president and his senior advisors would be wise to remember that the American heartland produces more than just food for the world. It also produces increasing volumes of energy products like oil and natural gas.
America’s recent increase in oil output – not the total production figure, just the increase – is more than the daily production from major oil-producing nations like Venezuela, Nigeria, Kazakhstan, Angola, and Libya.
Lately a couple of news stories have really helped drive home the ways in which our current energy revolution is benefiting the United States – from improving the environment by reducing emissions to driving economic growth and strengthening American energy security.