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.
As Erica Bowman, API's Chief Economist, discussed today:
“Year-over-year U.S. gasoline prices have declined by almost 50 cents per gallon, due in large part to the decline in the price of crude oil. AAA says lower prices at the pump allowed drivers to save an average of more than $550 in 2015. The first half of 2016 has shown crude oil prices to be 25 percent less than the first half of 2015. This is a clear winning scenario for American consumers.”
“Concurrently, thanks to affordable and abundant natural gas resources, the U.S. has also seen an increased use of this energy source as the preferred fuel for electricity generation. Due to record production levels and technological advances in hydraulic fracturing, energy-related emissions of carbon dioxide in 2015 were 12 percent lower than they were in 2005, even as the U.S. economy was 15 percent larger last year than it was a decade earlier. EIA also projects that 2016 will have seen the lowest levels of energy-related carbon emissions in nearly a quarter century while natural gas use in the electric sector is expected to be the highest on record.”
We have an unprecedented opportunity to continue to safely and cleanly explore and produce America’s vast supply of energy resources. With the right policies in place, America will continue to be a global energy superpower. A modernized, all-of-the-above energy strategy that promotes energy security, economic growth and consumer benefits is needed to secure America’s future.
ABOUT THE AUTHOR
Kate Wallace is an associate of research and content development for the American Petroleum Institute. Before joining API, she was at America’s Natural Gas Alliance as a researcher and policy analyst. Kate came to the DC area for graduate school in 2012 and has been here ever since. She loves taking her dogs on hikes, exploring the city, travelling, navigating the northern Virginia/DC craft beer and wine scenes, and spending time with friends.