Posted August 30, 2016
The United States leads the world in oil and natural gas production – and also reduction of carbon emissions. This global leadership largely results from private investment and innovation by the oil and natural gas industry, which has developed the advanced technologies needed to drive the American energy renaissance of the past decade. API President and CEO Jack Gerard discussed these issues and others during a conference call with reporters:
“This reduction in carbon emissions is not driven by government regulation or international treaty, but by U.S. ingenuity and the power of the marketplace to drive change.”
Carbon emissions reductions have resulted primarily because of increased use of abundant, cleaner-burning natural gas. Yet, emissions reductions aren’t the only benefits of the energy renaissance. American consumers have seen lower gasoline prices and reductions in the cost of living thanks to lower energy costs, according to the U.S. Energy Information Administration. Increases in domestic energy development have boosted the economy and could drive future economic and job growth. Gerard:
“Abundant energy helped American consumers save, on average, over $550 on transportation fuel costs last year while average U.S. disposable household income was $1,337 higher given lower home energy costs and other savings brought about by unconventional development. ... When it comes to jobs, it’s estimated that America’s oil and natural industry could support as many as 1 million additional American jobs in 2025 and as many as 2.3 million jobs in 2030.”
Moving forward it’s important for policymakers to choose pro-energy development paths so that U.S. energy can continue to benefit American consumers, the economy and the environment.
ABOUT THE AUTHOR
Kate Wallace is an associate of research and content development for the American Petroleum Institute. Before joining API she was a researcher and policy analyst at America’s Natural Gas Alliance, and worked on pollinator conservation programs and state wildlife conservation policies before entering the energy industry. Kate graduated from the University of Connecticut with a bachelor’s degree in Resource Economics, and earned her Master of Public Administration from George Mason University. She loves taking her dogs on hikes, travelling and navigating the northern Virginia/DC craft beer and wine scenes with her friends and family.