The One Big Beautiful Bill secured America’s energy future

By Dustin Meyer

This is a lightly edited excerpt of testimony recently provided to the U.S. House’s Natural Resources committee hearing "Exploring the Economic Potential of the Golden Age of American Energy Dominance."

The United States is living through what can fairly be called the Golden Age of American Energy Dominance. In the span of just two decades, we have moved from a position of scarcity and dependence to one of abundance and global leadership.

The scale of that transformation is striking. In 2024, U.S. crude oil production reached a record 13.2 million barrels per day, securing America’s place as the world’s largest oil producer. The United States is also the world’s largest natural gas producer. Natural gas output in 2024 was 103 billion cubic feet per day, an unprecedented volume that fuels our homes, our industries and — through LNG exports — our allies abroad. 

Cargoes of LNG leave Gulf of America terminals at a rate of more than 12 billion cubic feet per day, while U.S. crude exports have surged past 4 million barrels per day. Beyond the enormous benefits to U.S. consumers and businesses, that energy keeps factories operating in Europe, homes heated in Asia and global markets more stable than they would otherwise be. 

These are not abstract statistics; they reflect a reliable, affordable energy supply at home and a tangible geostrategic advantage abroad.

An economic engine

The U.S. oil and natural gas industry supports more than 10 million American jobs. These are not limited to rigs in Texas or refineries in Louisiana; they stretch across the supply chain into Alaska, Ohio, Pennsylvania, New Mexico, Colorado and virtually every state and congressional district. 

Collectively, the sector contributes nearly $1.8 trillion annually to U.S. GDP — almost 8 percent of the entire economy. We often call this the “first 8 percent,” because nothing else in the economy moves without energy. 

Most importantly, the benefits of reliable domestic production are felt by every American household.  U.S. families pay some of the lowest energy costs in the developed world —among the very lowest across Organization for Economic Co-operation and Development (OECD) countries. This makes more room in family budgets for groceries, tuition and savings.

Sustaining success

A generation ago, policymakers spoke of “peak oil” and warned of the dangers of foreign reliance. But that is not the America we live in today — American ingenuity has flipped the script. Our nation’s energy abundance strengthens household budgets, drives innovation and manufacturing, underpins the resilience of the U.S. economy and enables unprecedented global energy leadership.

By passing the One Big Beautiful Bill (OBBB), Congress delivered a historic win for American energy security and set the stage for lasting progress in the years to come. For companies weighing multi-billion-dollar investments with decades-long time horizons, that kind of stability matters.  

By mandating a consistent 15-year offshore leasing schedule and enhancing onshore lease sale terms and requirements, OBBB gave producers a level of predictability that had been missing for too long. 

It also streamlined permitting by reforming NEPA review timelines, limiting unnecessary delays and creating clearer paths for project approvals. It reinforced the importance of efficient leasing programs at the Bureau of Land Management and Bureau of Ocean Energy Management, ensuring that federal processes keep pace with the scale of America’s future energy needs.  

Providing confidence and certainty

OBBB sets the stage for a new era of exploration and development, the potential to unlock billions in private capital, and a renewed signal that U.S. energy growth is being encouraged rather than stymied. It marks a shift from an era of hesitation to one of renewed confidence, sending a message to workers, investors and allies that America intends to remain the global energy leader for generations to come.

For industry, OBBB was more than a policy win — it was the kind of durable framework that allows producers to plan decades into the future, knowing the resources will be available.

The choices Congress makes now will determine whether this Golden Age endures. OBBB laid the foundation. Permitting reform will ensure we can build on it. API and our members stand ready to work with you to secure this future — one where American energy means American strength, American jobs and American security.

Read the full testimony here.

Dustin Meyer is the Senior Vice President of Policy, Economics and Regulatory Affairs at the American Petroleum Institute.