Natural resources are an important component of national wealth, and the efficient allocation and use of those resources is an economic process yielding enormous benefits for ordinary people.
Also axiomatic is the reality that international trade — the movement of resources, intermediate inputs and goods and services across international boundaries in response to market signals — improves aggregate economic productivity and thus facilitates an increase in efficient resource use.
Energy resources are a central component of the natural resource base, and that is why it is essential that the U.S.-Mexico-Canada Agreement (USMCA) be finalized and ratified.
Implementation of the agreement will preserve and expand the integration of U.S., Mexican and Canadian energy markets, reducing system-wide energy costs and facilitating investment flows.
Because energy — petroleum, natural gas and electric power — is an input in the production of a vast array of goods and services, the reduction in energy costs yielded by the North American energy trade has and will yield benefits for all three economies across most economic sectors.