API President and CEO Jack Gerard highlighted our nation’s global leadership in energy production and reducing carbon emissions in response to EPA’s latest figures released that show carbon emissions from power plants, oil drilling, factories and other industrial sources fell 4.9%.
“It’s becoming more widely known that the United States is leading the world in the production of oil and natural gas while at the same time leading the world in lowering carbon emissions, which are near 20-year lows thanks to clean-burning natural gas,” said Gerard. “This is remarkable, and comes largely through American innovation and our free markets. While production of oil and gas has increased, carbon emissions have declined. Manufacturing costs are also down, and AAA says American drivers saved $550 at the pump last year because of increased energy production.”
Facts on emissions reductions:
• From 2000 through 2014, the U.S. oil and natural gas industry invested approximately $90 billion in GHG mitigating technologies. Other U.S. industries invested an estimated $103 billion, and the federal government invested an estimated $110 billion.
• Oil and natural gas industry expenditures on GHG mitigation more than doubled – to $217.5 billion – with the addition of shale investments.
• From 2000 to 2014, the oil and natural gas industry was responsible for approximately 17%, or $14.8 billion, of all investments in non-hydrocarbon resources, including wind, solar, geothermal, and biomass technologies.
• From 2013 to 2014, the oil and natural gas industry directly reduced emissions by the equivalent of 55.5 million metric tons of CO2 – equal to taking 11.8 million cars off of the road.
API is the only national trade association representing all facets of the oil and natural gas industry.