Energy Tomorrow Blog
Consumer Spending and Investment Could Kickstart New Economic Growth
economic growth oil and natural gas development global demand consumers
Dean Foreman
Posted December 1, 2020
The year has brought extreme and at times contradictory information about the economy and our industry, making it increasingly difficult to determine whether the economic recovery has gained firm footing and ultimately traction, in which natural gas and oil will play a key role.
Importantly, we currently see well-grounded pillars for expected U.S. and global economic growth over the next two years – personal consumption expenditures and investment that generally represent the majority of GDP. These could kickstart new economic growth and prosperity that will not only require but fundamentally be enabled by oil and natural gas.
Giving Thanks – For U.S. Energy
Jessica Lutz
Posted November 26, 2020
Thanksgiving celebrations may look different for many Americans this year as gatherings are fewer and farther between, with social distancing and perhaps even remote family get-togethers. But as we adapt and adjust to ensure a safe holiday season, let’s still remember some of the many reasons to be thankful this Thanksgiving.
API Standard Earns DHS Certification Under 9-11 Anti-Terrorism Act
api standards program safety standards infrastructure
Mike Sommers
Posted November 24, 2020
The world changed on 9-11, mine and yours. ...
You’re probably like me. The vivid memories of that day make it hard to believe it happened two whole decades ago. We know now what we may have only sensed then – that 9-11 was an historic pivot point for the United States in terms of our economy, security and the way we approach life.
As president and CEO of the nation’s largest trade association representing the natural gas and oil industry, I’m reminded that 9-11 really helped galvanize our country’s focus on the security of our nation’s infrastructure to harden it against any future acts of terrorism, from our airlines to our supply chains to our energy grid. Natural gas and oil keep America running. After 9-11 we innovated and developed technologies to dramatically increase domestic production and become less dependent on foreign oil. We haven’t looked back; today, the U.S. is the world’s leading producer of the world’s more important energy sources.
9-11 is a big part of the reason that our industry’s approach to assessing risk shifted to a higher gear, to protect our facilities and networks against threats of terrorism – adding risk assessment to API’s body of work on standards that govern the way we operate.
Ready for Recovery: The Economic Importance of Natural Gas and Oil
oil and natural gas economic recovery
Mike Sommers
Posted November 20, 2020
As the deadly coronavirus pandemic cripples business activity and depresses consumer spending, American energy continues to power the nation’s economy and enable the delivery of essential products and services.
Despite this year’s demand downturn, natural gas and oil are still vital to the world’s energy mix and will remain indispensable for decades to come.
Data Indicate Continuing U.S. Demand Recovery
monthly-stats-report oil demand economic recovery
Dean Foreman
Posted November 19, 2020
While the International Energy Agency and OPEC recently lowered their expectations for global oil demand for this year and the next, the United States has continued to make measured progress, according to API’s latest primary data.
In October, U.S. petroleum markets reflected a U.S. economic recovery in progress. Demand increased broadly among fuels – diesel, jet fuel, other oils and gasoline among urban areas.
While these offer solid indications of domestic activity, international trade – particularly the pull for U.S. refined products – picked up in October. Moreover, the U.S. Energy Information Administration (EIA) projects record high U.S. exports of liquefied natural gas (LNG) in November.
Federal Leasing Ban Would Add to Wyoming's Pain
wyoming federal leases economic losses jobs
Mark Green
Posted November 17, 2020
If President-elect Joe Biden follows makes good on his campaign promise to ban new natural gas and oil leasing on federal lands and waters, a recent OnLocation analysis sees the U.S. weakened on the world stage – forced to import more foreign oil – with crippling jobs and economic impacts as well.
Losses at the state level would touch Americans where they live. We’ve looked at New Mexico and Louisiana.
In Wyoming, another producing state, the impacts would be especially devastating. The federal government controls nearly half of the acreage in Wyoming, and the state’s energy economy has been rocked by pandemic-related forces, losing about 20% of its energy-related jobs through the second quarter, according to this NBC News report. Banning new federal leasing and development would have dire effects, OnLocation’s analysis projected.
Energy Policy in the New Administration
federal leases offshore development regulation infrastructure president
Mark Green
Posted November 13, 2020
Some initial thoughts on energy policy as we look ahead to a new administration and Congress.
First, as API President and CEO Mike Sommers said over the weekend, natural gas and oil will continue to play an important role in the United States’ continued economic recovery – recognizing that, as the leading energy sources for the U.S. economy, the two are essential for growth. ...
Our country needs Washington focused on economic recovery and forward-thinking about energy and climate change, factoring in how much energy will be needed when the U.S. and global economies ramp up (see API Chief Economist Dean Foreman’s post, here), while building on reductions in emissions to date and fostering innovation that will enable a safe, secure and cleaner future. To that point, our industry supports continued development and wider deployment of carbon capture, utilization and storage as a tool to further reduce emissions, which the president-elect also supports.
When The Messenger is Biased – New York Times Misses the Mark
Megan Bloomgren
Posted November 13, 2020
Journalism plays a vital role in society – today more than ever. While the business of news has changed, it remains an essential medium and messenger for Americans’ right to know.
Arming journalists with data and information, answers, and analysis is a role we take seriously. API has been quoted in more than 1,100 news stories this year alone and we’ve worked with hundreds of reporters.
That right to know is why we took issue with recent comments by a New York Times reporter who covers our industry. Hiroko Tabuchi – a Times’ climate reporter – recently tweeted an unfounded and offensive claim, with no evidence.
Build Back Better ... Now
keystone xl pipelines jobs canada
Mark Green
Posted November 6, 2020
Building new pipelines means jobs. Good jobs. That’s the takeaway from a recent announcement that $1.6 billion in contracts have been awarded to six U.S. union contractors to build 800 miles of the Keystone XL pipeline in three states.
TC Energy, the pipeline’s builder, said the awards represent more than 7,000 union jobs in 2021, with additional 2021 contracts to be announced that will push the jobs number north of 8,000. ... This is good work for American workers who value employment associated with the natural gas and oil industry.
Industry Reporting Guidance Improves Sustainability Performance
ESG Environment climate change
Sam Winstel
Posted November 6, 2020
The natural gas and oil industry has advanced sector-wide guidance for sustainability reporting for over fifteen years, reinforcing its longstanding commitment to energy and environmental progress.
Earlier this year, three international natural gas and oil industry associations – API, IPIECA and IOGP – released an updated version of the “Sustainability Reporting Guidance for the Oil and Gas Industry,” which provides a common framework for assessing environmental, social and governance (ESG) issues.
In September, IPIECA released the results of its annual reporting survey, identifying widely used performance indicators and emerging trends. The findings, which include answers from 27 of the world’s largest energy companies, highlight the progress of industry leaders and partner organizations.