API: White House report confirms importance of clean-burning, affordable natural gas
WASHINGTON, October 7, 2016 – Today API Executive Director for Market Development Marty Durbin welcomed new data from a report on American Manufacturing released by the White House National Economic Council showing that U.S.-based manufacturers have a competitive advantage thanks to abundant and affordable natural gas.
“Today’s report is a significant reminder that our nation’s leadership in energy production and in clean, abundant natural gas has meant lower prices for American manufacturers and consumers,” said Durbin. “Not only has the success of natural gas sharply reduced electricity prices and delivered huge economic benefits, but the development of America’s natural gas resources is making a significant positive impact on our nation’s environmental and energy sustainability goals. The United States is leading the world in the production of oil and natural gas while at the same time leading the world in lowering carbon emissions, which are near 20-year lows thanks to clean-burning natural gas.”
“The surge in American natural gas production has lowered energy costs for manufacturers and driven job growth, with U.S. natural gas costs one-half that of Europe and one-third that of Asia,” according to the White House National Economic Council report. “Recent analysis estimates that industrial sector consumers of natural gas were better off by about $22 billion between 2007 and 2013 due to abundant, inexpensive shale gas.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 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 30 million Americans.