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Study: Industry invests $71 billion in technology that reduces greenhouse gases

WASHINGTON, October 20, 2011 – API Vice President for Regulatory and Economic Policy Kyle Isakower told reporters today that between 2000 and 2010 the U.S. oil and natural gas industry invested $71 billion in technologies that reduce greenhouse gas emissions, far more than the federal government ($43 billion) and almost as much as the rest of private industry combined ($74 billion).These were the principal findings of a study prepared for API by T2 and Associates, which, Isakower said, yielded some important additional takeaways:

"First, the oil and natural gas industry is helping to develop the alternative technologies that will play an increasing and important role in our energy future – even as it continues supplying the oil and natural gas that government projections show will be our nation's primary energy source for decades to come.

"Second, we're having an impact on greenhouse gas emissions. Our study includes data that show our industry directly reduced greenhouse gas emissions by almost 56 million metric tons of CO2 equivalent for 2010 compared with 2009.These reductions were produced by fuel substitution – both lower carbon and renewable energy sources – reduced flaring and fugitive emissions, and improved efficiency, such as combined heat and power.The reductions equate to taking more than 11 million cars off the road.

"And, third, we're creating green jobs. While we have not calculated a specific number of green jobs, it's fair to conclude that the $71 billion we invested in greenhouse gas mitigation technologies has created many thousands of them."

API represents more than 480 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86 million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

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