Technological breakthroughs in oil and natural gas development have transformed the country's energy outlook by creating job generation opportunities, increasing domestic production and reducing energy import costs, said Rayola Dougher, senior economic adviser at the American Petroleum Institute. "The U.S. is the world's leader in the technological innovations allowing for the rapid expansion of production of oil and natural gas from shale deposits," she said. Domestic oil production has increased by 30% since 2008, while natural gas output has grown by 34% since 2005, she added.

Related Summaries