American’s revolution in oil and natural gas development has spurred economic growth and new job creation while turning the nation into an energy superpower, Karen Moreau, executive director of API’s New York State Petroleum Council, told reporters this afternoon. She said the U.S. has the ability to realign the energy axis toward the west with America leading the way:
“The United States has long been one of the world’s energy leaders, among the most pre-eminent in terms of energy resources, energy technology and energy production. But over the past half century its dominance in energy was challenged. It became more dependent on other nations’ energy resources and saw its own oil production decline. It became less a force in world energy markets. And the trend going forward looked unpromising given U.S. energy reserves that some said could nowhere near match America’s long range needs.
“But in a matter of a few years, the trends have reversed. There is a new energy reality of vast domestic resources of oil and natural gas brought about by advancing technology. They have helped put the U.S. in a position to become a global superpower on energy. For the first time in generations, we are able to see that our energy supply is no longer limited, foreign and finite; it is American and abundant. And that puts us well on our way to returning the U.S. to the position of undisputed global leader in energy. If we seize that opportunity now and support it with sound policy decisions on taxes, regulations and access, we can lead on energy for decades and realize the economic and energy security benefits of that leadership.”
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.