API Executive Vice President Louis Finkel today reminded all candidates that the United States energy renaissance is providing affordable energy to American consumers, strengthening national security, and due to domestically produced, abundant natural gas has already lowered carbon and other emissions.
“The past decade of domestic oil and natural gas development has unlocked energy resources that have helped lower prices, strengthen our national security and made the U.S. the world leader in reducing carbon emissions which are near 20-year lows,” said Finkel. “We are not only leading the world in producing oil and natural gas, but we are leading on the environment.”
The U.S. State Department concluded that “a major contributor to the decline in U.S. GHG emissions” has been the increased use of “natural gas that is extracted from shale rock formations through hydraulic fracturing and horizontal drilling.” These environmental benefits have been achieved during a decade of increased U.S. offshore and onshore energy development, showing that oil and natural gas production and environmental benefits are not mutually exclusive. The Department of Energy has identified hydraulic fracturing as an advanced technology that provides environmental benefits in their report entitled “Environmental Benefits of Advanced Oil and Gas Exploration and Production Technology.”
The U.S. can expand its energy renaissance through offshore development. Numerous governors and elected officials support developing America’s resources offshore, and there are many proposals in the works to make that a reality.
“If we are going to continue to drive investment in America, create jobs, and provide affordable energy, we must look to the future,” said Finkel. “We welcome continued discussion during this election about America’s long-term energy needs, because we know it’s important to American voters.”
API is the only national trade association representing all facets of the oil and natural gas industry.