New Mexico competes among top energy producing nations
WASHINGTON, May 28, 2015 ─ New Mexico now rivals the world’s major energy producing countries, according to a ranking published today by API.
“This is what energy security looks like,” said API Vice President for Regulatory and Economic Policy Kyle Isakower, “Thanks to innovations in hydraulic fracturing and horizontal drilling, New Mexico now outpaces six of 12 OPEC nations in natural gas production. Rising domestic production has helped to reshape global markets and revitalize job creation here in the United States.”
With a natural gas output of 3.09 billion cubic feet per day, New Mexico would rank 27th among the world’s top gas producing countries, exceeding nations like Venezuela and Oman in 2012, the most recent year for which consistent international data is available. The state’s rapid growth in shale production, unlocked by hydraulic fracturing and horizontal drilling, has helped the United States to take the top spot among global producers and places New Mexico eighth among all U.S. states for natural gas production.
Among oil producing nations, New Mexico would rank 32st in the world with an output of 332,000 barrels per day in 2014.
“New Mexico isn’t just a national leader – it’s a global leader,” said Isakower. “Shale production has changed the way other countries view competition from America. To harness the world-class opportunity in front of us, it’s critical that policymakers open the doors for free trade and lift regulatory barriers on the construction of vital energy infrastructure, including pipelines and export terminals.”
The oil and natural gas industry supports some 105,000 New Mexico jobs and contributes $11.3 billion to the state’s economy. The shale revolution also has saved U.S. consumers an estimated $1,200 per household annually.
“Responsible production and use of natural gas is a major reason why U.S. carbon emissions are near a 20-year low,” added Isakower. “New Mexico is leading the world, and our success saves consumers money while cleaning the air.”
API represents all segments of America’s oil and natural gas industry. Its more than 625 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.