API President & CEO Mike Sommers Touts Energy’s $2 Billion Economic Impact on New Mexico Communities
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ALBUQUERQUE, October 1, 2019—American Petroleum Institute (API) President and CEO Mike Sommers today met with New Mexico business leaders, school administrators, and local leaders, who highlighted the transformational role of safe and responsible energy development in the Permian basin on the state’s economy and local communities.
Along with New Mexico Oil and Gas Association President Ryan Flynn, Sommers saw firsthand how New Mexico’s natural gas and oil development is contributing more to the state’s annual budget than any other industry in New Mexico - nearly $2 billion or one-third of the funding for state schools, infrastructure, health care and public safety.
“Natural gas and oil resources are an economic cornerstone for communities across New Mexico,” said API President and CEO Mike Sommers. “Together with local leaders, our industry is supporting local services, generation critical revenue for public education and infrastructure, and providing high-paying careers and training.”
While in Albuquerque, Sommers delivered remarks at the U.S. Hispanic Chamber of Commerce’s National Convention. Sommers also toured Sandia High School to learn firsthand how the industry’s investment in the state is paying off for students, teachers and school administrators. Natural gas and oil revenue supplied Albuquerque Public Schools with $205 million last year, while Las Cruces Public Schools received $59 million. The University of New Mexico led higher education institutions with $60 million from natural gas and oil revenue, followed by New Mexico State University with $50 million in 2018. Sommers also participated in an early morning balloon ride with Balloon Fiesta staff and tourism officials to see petroleum products at work in powering the balloons.
Sommers added, “Energy development in the Permian has increased, and emissions in the basin have fallen, which demonstrates that innovation enables economic development and environmental protection to go hand in hand. New Mexico’s future is bright and our industry will continue to do our part to strengthen local communities, reduce emissions, and deliver affordable and reliable energy across the state and country.”
API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, 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 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.