The API has welcomed a report from the US Department of Commerce revealing that growth in the US oil and natural gas industry contributed to record exports in October of this year. The US trade deficit shrank to US$ 40.6 billion dollars, a drop of approximately 5.6%. This is driven by low energy imports and increased exports of industrial supplies and materials, including petroleum products, according to the report. The Energy Information Administration has also noted that US exports of distillate fuel are up 30% from last year.
Comments on the findings
‘The US energy revolution is rapidly strengthening America’s position in the global economy, creating millions of jobs and reducing our trade deficit,’ said API Chief Economist, John Felmy. ‘American innovations in hydraulic fracturing and horizontal drilling have unlocked vast energy reserves, and this growth is critical to the president’s efforts to double US exports and reduce our reliance on imports.
‘Domestic oil and gas production not only creates opportunities for energy exports, it makes the US a more affordable place to manufacture valuable products for sale around the world. But to take full advantage of this opportunity, it’s important that the Department of Energy quickly address the backlog of applications to export LNG and create thousands of new jobs here in America.’
Adapted from a press release by Claira Lloyd.