Energy Tomorrow Blog
Energy's Inextricable Link to Renewal
economic recovery oil and natural gas demand
Mark Green
Posted June 19, 2020
We’ve discussed the historic link between economic growth and energy – chiefly, natural gas and oil, America’s and the world’s leading energy sources. When the economy grows it boosts demand for energy. And when that energy is supplied, growth is enabled or powered. See this blog by API Chief Economist Dean Foreman, in which he describes data behind our confidence that natural gas and oil will be big participants in the nation’s economic recovery.
Indeed, the indicators of this linkage are visible in API’s June Monthly Statistical Report. Based on May data, the MSR records an increase in U.S. petroleum demand of 2.0 million barrels per day, with motor gasoline leading the way. It’s the largest such increase in nearly 45 years.
Americans are getting back to work, and as they do, they need fuel. Likewise, rising fuel demand reflects increased demand for transportation and delivery of goods and services. As our industry meets this demand, growth is enabled.
Data: Industry Poised to Enable Economic Recovery
monthly-stats-report economic recovery oil and natural gas
Dean Foreman
Posted June 18, 2020
As the U.S. and world confront the unprecedented combination of a public health crisis, significant economic downturn and tumultuous domestic and global oil markets, we have seen oil demand, prices, and consequently drilling and production fall by historic amounts.
API’s latest Monthly Statistical Report (MSR) for May and Industry Outlook for Q2 2020 offer important perspective on the most timely monthly U.S. data and expectations for energy markets.
Overall, we see market forces at work, with a re-balancing of supply and demand to historic proportions despite great uncertainties. The underlying fundamentals appear to be constructive and should position the U.S. natural gas and oil industry to participate in an economic recovery. And if the third-party consensus is correct the next year or so could bring positives for U.S. and global energy.
Video: ‘Essential’ – For the Way Ahead
community economic recovery oil and natural gas
Mark Green
Posted June 17, 2020
Delivering what’s essential. It’s at the heart of what our industry does – and it’s never been more important than right now.
The pandemic has focused Americans on health, safety, family and other critical priorities.
At the same time, we’ve been reminded that the heroes in this crisis are first-responders, doctors and nurses. We’ve also become aware that others – including people working at supermarkets, pharmacies, fuel stations and in modern communications networks – also serve in indispensable roles.
These contributions are highlighted in API’s new video, “Essential."
Economic Recovery Will Be Powered by Natural Gas and Oil
oil and natural gas economic recovery growth
Mark Green
Posted May 4, 2020
As some U.S. states and communities begin reopening, the COVID-19 threat to public health continues. Our industry stands ready to support safe and thoughtful plans to restart the economy and begin the national recovery from this historic pandemic.
When that recovery kicks in, it will be powered largely by natural gas and oil, here at home and around the globe – in the sense that recovery will mean increased personal driving, commercial transportation and air travel will require more fuels; reopening businesses will need more electricity; and manufacturers will require additional power and supplies of feedstocks.
First, Do No Harm
economic recovery epa regulations natural gas jobs oil jobs ozone standards oil and natural gas regulations us economy
Mark Green
Posted June 2, 2011
Energy Access: Fuel for the Economy
domestic energy economic recovery energy access oil access oil drilling prices natural gas access oil consumption
Mark Green
Posted May 19, 2011
Diesel Fuel Demand Up
crude oil diesel diesel fuel economic recovery gasoline oil demand consumer confidence crude oil supplies jet fuel
Jane Van Ryan
Posted October 15, 2010