Oil, natural gas industry leads effort to make our air cleaner through low-carbon technologies, says new study
WASHINGTON, May 15, 2018 – API today released a new study highlighting the natural gas and oil industry’s leadership in making our air cleaner through increased investments in renewables and other low-carbon technologies.
“The natural gas and oil industry is a leader in the development and deployment of greenhouse gas reducing technologies,” said API Vice President of Regulatory and Economic Policy Kyle Isakower. “It shows that our nation can lead the world in energy production, strengthen our economy and create good-paying jobs while leading the world in the reduction of carbon emissions, which are at 25-year lows across the entire U.S. economy.”
Key points from the study:
- The natural gas and oil industry is a leading investor in zero and low-carbon technology, investing more than $108 billion between 2000-2016, that’s more than double the investments of each of the next two industries.
- In 2016 the natural gas and oil industry reported the largest GHG reduction to date compared to the previous year – GHG reductions of more than 57 MM tons of CO equivalent. That’s the amount of carbon that would be captured by more than 5.4 billion, 10-year-old evergreen and pine trees.
- U.S. carbon dioxide emissions are at 25-year lows due to increased natural gas use while global emissions have risen 50 percent over the same timeframe.
“The natural gas and oil industry’s commitment to investing in low-carbon technologies has been fundamentally important to our country’s broad effort to reduce emissions and help the environment. Today’s study is proof that economic growth, technological innovation and environmental stewardship go hand in hand,” Isakower added.
The study, prepared for API by T2 and Associates, is available on the API website.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 45 million Americans.