America’s Energy Future Part II: A Blueprint for Domestic Energy Production
Chairman's Preview Statement
9:00am at North Dakota State University, 12th Avenue North & Bolley Drive, Fargo, North Dakota
We are here to examine how oil production in the Bakken Shale Formation has impacted job creation in North Dakota and its implications for the rest of the country. The Bakken is the new frontier for American domestic energy production.
North Dakota is not just producing over a half a million barrels of oil a day from the Bakken; it’s also producing jobs and creating an extraordinary economic boom. Since 2004, the number of available jobs in the oil and gas producing counties has increased over 100%.
Transportation is key to spreading both the oil and economic growth of Bakken to the rest of the country. The President refused to grant a permit to the Keystone XL pipeline, which would have transported 100,000 barrels a day of Bakken oil to American refineries in the Gulf of Mexico. Instead, Bakken oil is transported on rail and by truck, both expensive and inefficient options. More oil can be transported quicker, safer, and more reliably through pipelines.
Giving Bakken greater access to pipelines is important for domestic energy security. It allows domestic oil to access new markets, creating jobs, and allowing other Americans to benefit from the boom.
If America wants to secure its energy independence, it needs to follow the plan put in place by North Dakota. The federal government must create a favorable regulatory environment for natural resource production and business growth, much like North Dakota. I look forward to hearing from our panel of witnesses, and bringing their common sense success stories back to Washington.