WASHINGTON, September 19, 2019 – The American Petroleum Institute (API) today released its Q3 2019 Industry Outlook and August 2019 Monthly Statistical Report, highlighting how America’s domestic energy revolution is empowering economic and environmental progress. The increasing use of clean natural gas for electric power generation has helped drive U.S. carbon emissions to their lowest levels in a generation and lower consumer energy expenditures.
“With natural gas we have proven that economic growth and the reduction of carbon emissions are not mutually exclusive,” said API Chief Economist Dean Foreman. “The fact that the U.S. has led the world in the reduction of carbon emissions for nearly two decades wouldn’t have been possible had it not been for the abundant supply of affordable and clean natural gas made possible by the shale revolution.”
“What makes this success story even more promising is the fact that it isn’t bound by borders. In 2019 alone, LNG exports have enabled the delivery of U.S. natural gas to 35 different countries that are working to transition to this cleaner source of energy.”
Highlights from the API Q3 2019 Industry Outlook include:
- Record U.S. LNG exports have made global CO2 emissions lower than they otherwise would have been;
- Refinery expansions have enabled the U.S. to become a global supplier of finished products;
- States adding more natural gas generation have generally seen lower carbon emissions and electricity prices; and
- U.S. refiners are well-positioned for IMO 2020.
Highlights from the August 2019 Monthly Statistical Report include:
- Total U.S. petroleum demand of 21.5 mb/d was highest for any month since August 2005;
- Improved infrastructure helped increase supply and lower prices;
- Highest U.S. petroleum exports (8.1 mb/d) for the month of August; and
- Total inventories increased year-on-year for the ninth consecutive month.
API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.