First Things First

Energy Abundance Means Big Savings for Americans

They were celebrating in Pittsburgh this week. It didn’t have anything to do with sports. It had to do with energy.

The Shale Insight conference highlighted the ingenuity, risk-taking, and innovation of America’s energy producers and their accomplishments.

Hydraulic fracturing – fracking – has led to record levels of natural gas being produced in states like Pennsylvania, Ohio, and West Virginia and has pushed the U.S. to become the world’s top oil and natural gas producer. We’re also on pace to becoming a net energy exporter for the first time in decades.

This success supports not only jobs in the energy sector but those who use energy – residential, commercial, and industrial.

The bottom line from the massive increase in natural gas production is itself massive.

U.S. natural gas end users have saved $1.1 trillion in the last decade a new study finds.

That translates to an average savings of $900 per household annually.

“With unmatched skill, grit, and devotion, you are making America the greatest energy superpower in the history of the world,” President Trump told conference attendees. “Massive new investments are bringing thousands of energy jobs to states like Ohio and West Virginia.”

One project President Trump noted was Shell’s investment in a $6.5 billion ethane cracker near Pittsburgh. This will produce the raw materials for plastic and chemical products. 6,000 construction workers are building the plant, and it will support 600 full-time jobs when operational.

We could see additional savings from abundant natural gas if more energy infrastructure was in place. Progress is being made on permitting, but Congress and the federal government need to continue streamlining the cumbersome approval process.

“It shouldn’t take longer to approve a project than to build it,” U.S. Chamber CEO Tom Donohue told the House Ways and Means Committee earlier this year. “Environmental reviews and public input remain important parts of the process – but they can’t go on and on forever.”

Let’s stay on this successful path by spreading the benefits of our energy abundance to more Americans.

Diving In

On Tuesday, the U.S. Chamber launched Project GO (Growth and Opportunity), an effort to advance business and policy solutions to socioeconomic challenges. Here’s some of U.S. Chamber President Suzanne Clark’s keynote speech from the launch event:

Project GO is focused on solutions that are driven by business innovation and practical public policies.

Because the truth is, neither business nor government can solve these issues alone.

On the private sector side, many companies are proactively pioneering solutions to help address some of the drivers of economic anxiety. Today, we’ll showcase voluntary best practices in corporate governance that are empowering companies to address big challenges and best serve their customers, their employees, and the communities in which they operate. We encourage other businesses to take a look at these ideas and consider whether such solutions might work for them too.

On the public sector side, we’ll highlight things policymakers can do to bolster the efforts of business. Because, while the private sector can and must drive innovative solutions, the public sector will set the conditions for success – or failure.

On this we must be very clear – business and government alike play a role, and we must work together cooperatively.

Have a business-related long read you want to share? Please email me.

The Big Picture

At the U.S. Chamber Foundation’s Talent Forward event, Grammy-award winning musician John Legend spoke about unlocking the potential of those formerly incarcerated.

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Looking Ahead

October 29, 2019: The Global Innovation Policy Center will host the 7th annual IP Champions Gala to showcase the role intellectual property plays in stimulating innovation and creativity.

October 30, 2019: The U.S. Chamber of Commerce in cooperation with AmCham MENA are organizing the BusinessH2O Middle East Water Innovation Summit to tackle water issues in the Middle East by profiling major projects throughout the region and highlighting new technologies and policy solutions that can be used to alleviate water shortages.

October 31, 2019: The U.S. Chamber will host The Business of Health: Transforming with Transparency. Experts will examine the growing role of technology and private-sector innovation in health care, new tools to improve transparency and consumer privacy, and reform efforts on Capitol Hill and with the current administrative.

To Play Us Out

We’re less than one week away from Halloween. Crank this up as you put together your costume.

Have a song recommendation? Please email me.

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