The U.S. in 2019 became a net exporter of energy and achieved energy independence. Once at the mercy of hostile foreign governments that used energy supply as a cudgel, the U.S. is now the third-largest energy exporter in the world—a stunning reversal that has driven down prices for American consumers and created more than 10 million jobs in domestic energy.
Technological innovation and broad deregulation are responsible for transforming the U.S. into a global energy powerhouse. The development by American oil and gas companies of new horizontal drilling techniques and the perfection of the process of hydraulic fracturing were key elements in this turnaround. Inventing and adding additional energy supply options reduced the need for oil and gas supply to provide for domestic energy uses, freeing more up for exports.
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Source:" WSJ "