North America is at a historic inflection point when it comes to its energy future. In recent years, energy production has surged across the continent, with the United States poised to become the world’s top oil producer, Canada scaling output to unprecedented levels, and Mexico forging landmark energy reform.
According to Goldman Sachs, as recently as five years ago, energy projections outlined a bleak future for North America. Expected increases in oil and gas imports, coupled with growing susceptibility to supply side shocks, foretold higher energy prices and increased pressure on economic growth. Today, North America’s energy outlook has dramatically improved. In addition to substantial increases in oil supply, natural gas and renewable energy production are also on the rise. As a result, the U.S. trade deficit has shrunk, while jobs in the energy sector are growing faster than the private sector as a whole.
The opportunities presented by North American energy resources are tremendous. Maximizing energy efficiency and integration has the potential to support job growth in key sectors, including transportation, power generation, manufacturing, and petrochemicals, while also reducing harmful emissions. Importantly, growth, security, and sustainability across the continent need not require insurmountable trade-offs.
Read more about Goldman's views on unlocking the economic potential of North America's energy resources.