API President and CEO, Jack Gerard, has said that the oil and natural gas industry plays a critical role in providing affordable, reliable energy to people all over the globe.
Comments from Gerard
‘One think I know to be true and that has been true for decades is that the world will always need energy, which is the foundation of our modern society. We will need more from every source – wind, solar, oil, natural gas, nuclear power, coal and biofuels as well as continuing to increase energy efficiency to meet the world’s ever growing need for energy.
‘Our industry is proud to provide Americans and people all over the world with affordable and reliable energy. Oil and natural gas will remain integral to our way of life for decades to come and a key player in improving the standard of living for hundreds of millions of people worldwide.’
Oil and natural gas companies are some of the biggest investors in renewable energy sources, according to an analysis by T2 and Associates. The industry is also the largest investor in low emissions technologies, with a greater impact than the federal government and nearly as large as all other industries combined.
The US Energy Information Administration (EIA) has projected that in 25 years, oil and natural gas will still provide nearly 60% of America’s energy and more than 90% of the country’s transportation fuels.
It needs to be emphasised that greater access to domestic resources could create one million new jobs, generate US$ 127 billion in government revenue in under a decade and dramatically increase American energy production.
Adapted from press release by Claira Lloyd.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/25062013/oil-and-gas-industry-plays-key-role-in-providing-affordable-and-reliable-energy_438/