A new API report estimates that the U.S. oil and natural gas industry has invested more than $252 billion trying to improve the environmental performance of its products, facilities and operations since 1990 – about 65 percent of that directed toward cleaner air and water.
The report is based on spending data from representative companies that was used to estimate industry-wide performance. Highlights:
- Industry spent about $13 billion in 2011, the report says, including $11 billion to implement new technologies, create cleaner fuels and fund ongoing environmental initiatives. An additional $1.9 billion was spent on research and development, corporate environmental programs and spill remediation efforts. In 2011, 35 percent of industry environmental spending was directed toward cle... more »