Posted April 19, 2018
American consumers take a keen interest in energy prices, for the health of their pocketbooks as well as their livelihoods and security. More than 10.3 million people directly or indirectly support the industry, and tens of millions more people own or work for businesses that depend on having abundant and affordable energy.
What happens in energy markets also is important to our business literacy and understanding of how the United States’ role in global commerce has evolved thanks to the energy renaissance. Not so long ago, many energy-intensive U.S. industries were hollowed out as jobs moved offshore. Thanks to American innovation, today the high availability and low prices of natural gas, natural gas liquids (NGLs) and oil have stimulated demand and investment while also helping to improve efficiency and return energy-related CO2 emissions to near their 25-year lows.
Posted June 1, 2017
Today, API releases a new report that highlights the tangible ways our industry protects the safety and environment – as it also helps local communities. It’s an important document, reflecting the premium placed on responsible energy development by natural gas and oil companies. From the report:
The safety, health and protection of people, the environment and communities are the top priorities for the natural gas and oil industry. Today, natural gas and oil not only power our lives, but are the building blocks for so many of the products that make modern life possible. But this energy and the amazing things derived from it – everything from clothing and cosmetics to state-of-the-art health care devices and medicines – aren’t possible unless responsible development is the centerpiece of everything the industry does.
Posted May 17, 2017
The natural gas that heats our homes, and increasingly, generates electricity, is delivered through a complex, sophisticated, interconnected and largely invisible system of more than 300,000 miles of interstate and intrastate transmission pipelines, and 2.1 million miles of distribution pipelines to residences and businesses. To get a sense of scope, America's interstate, intrastate transmission pipelines, and distribution pipelines, if laid end-to-end, would stretch from the earth to the moon … 10 times.
Posted April 20, 2017
Natural gas is a winner – for U.S. consumers, the economy and the environment. Quick, somebody tell officials in New York state – where they continue to ban hydraulic fracturing, the key to unlocking vast natural gas reserves located right under New Yorkers’ feet, to the benefit of New York consumers, New York job-seekers and New York’s environment.
Posted August 24, 2016
The United States is a global energy leader, thanks largely to technological advances in hydraulic fracturing and horizontal drilling. America’s energy leadership has proven successful in reducing greenhouse gas emissions, strengthening national security and keeping prices low for consumers.
Posted July 12, 2016
The sound approach to energy regulation in the U.S. – one that provides appropriate oversight to oil and natural gas development without unnecessarily impeding progress – continues to be a major theme at the U.S. Energy Information Administration’s (EIA) annual conference in Washington.
Tesoro President and CEO Gregory J. Goff raised the point with his Day 1 keynote speech, calling for transparency, fairness and accountability in federal regulation:
“Consumers, companies and the economy all benefit when government policies are well-reasoned and balanced. America is blessed with an abundance of affordable, reliable energy. It must not be squandered. Allowing the forces of the free market to operate will continue to benefit society. Government should be a facilitating partner in this positive economic force, not a roadblock to it.”
Posted May 6, 2016
Energy for the betterment of all. Sounds simple enough, yet the foundational role energy plays in creating opportunity for better, healthier lives, security and freedom must not be taken for granted.
America’s energy revolution is driving economic growth. It’s benefiting individuals and families with reliable, lower-cost fuels. It’s building national security and strengthening the United States’ stature in the world. Our energy renaissance also is at the heart of lowering carbon emissions to near 20-year lows, which is letting the U.S. lead the word in CO2 emissions reductions. No, we mustn’t take that for granted.
ExxonMobil Chairman and CEO Rex W. Tillerson touched on these points during a speech this week at the U.S. Energy Association’s annual meeting and policy forum, which honored him with its 2016 annual award. Tillerson underscored the need for policies and actions to sustain and grow the U.S. energy revolution, for creating broader access in the world to energy’s benefits and noted the energy sector’s leadership in advancing climate goals.
Posted October 27, 2015
Reports by Bloomberg and others say that White House and congressional budget negotiators would sell oil from the Strategic Petroleum Reserve (SPR) to partially pay for their new budget agreement. Sales would total 58 million barrels from 2018 to 2025, according to a draft House bill (see Section 403-a).
How much money would be raised from the sales would depend on prices at the time of the sales. But, if the goal is generating revenue for government to fund worthy projects, rather than a series of one-time sales, why not lift the ban on U.S. crude oil exports and create an annual revenue stream?
According to a study by ICF International (Page 86), ending the 1970s-era oil exports ban would lift the U.S. economy, create jobs – and generate significant additional revenue for government. A number of other studies mirror ICF’s findings on the economic benefits from lifting the export ban. We highlight ICF here because its estimate of additional oil production from lifting the ban (up 500,000 barrels per day) is almost identical to the output increase estimated by the U.S. Energy Information Administration (470,000 barrels per day). ICF:Federal, state, and local governments benefit from crude oil exports both in terms of the generation of GDP, which is then taxed at these levels, but also through royalties on federal lands where drilling takes place. Total government revenues, including U.S. federal, state, and local tax receipts attributable to GDP increases from expanding crude oil exports, could increase up to $13.5 billion in 2020.
Posted September 2, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Nevada. We started the series with Virginia on June 29 and began this week with a review of Louisiana and Rhode Island. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.
As we can see with Nevada, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Posted April 1, 2015