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The “Americas Decades’ - The energy revolution keeps moving forward, the implications are enormous - The NAFTA Bloc (US, Canada, Mexico) is emerging as a new “Super Bloc” for business, finance and energy. - Combined, the NAFTA Bloc is comprised of more than 500 million people, a $19 trillion economy and the largest energy capability in the world. Not to mention US and Canadian military superiority and reach globally. - Mexican government “got it” and amended their constitution; Canada has “gotten it” for quite some time (i.e. oil sands, Keystone Pipeline, etc.). US Congress now seeing strategic imperative (not to mention massive federal revenues). - The local, national, regional and broader geopolitical implications of greater hemispheric energy independence are extraordinary and are already creating significant policy changes — and ruptures globally (i.e. Russia, Middle East, Venezuela, China, Iran). > Case in point: If the Ukrainian crisis has done anything, it has intensely focused Washington (and Mexico City and Ottawa) on the need to rapidly build out natural gas and crude oil development and export capabilities. > And, in the near future, can tariffs and fees on overseas sales help deal with the US deficit? There are a growing number of members of Congress who think it can. And will. Deutsche Bank Francis J. Kelly Global Public Affairs francis.j.kelly@db.com 8 HOUSE_OVERSIGHT_026802