HOUSTON — The advantage of having access to cheaper energy supplies is benefiting the U.S. economy to the tune of close to $1 billion a day, or roughly $350 billion a year, according to Francisco Blanch, Global Head of Commodities Research for Merrill Lynch.

Speaking at the Oil Council North America’s meeting in Houston on Oct. 9, Blanch calibrated an energy advantage — equivalent to 2.2% growth in gross domestic product — for the U.S. relative to Europe. With GDP in the U.S. growing at approximately 1.5% versus a negative ...