API today welcomed a report from the U.S. Energy Information Administration (EIA) forecasting record-breaking production of domestic oil and natural gas, which will dramatically increase U.S. energy security.
"America is in the midst of a game-changing energy revolution," said API Chief Economist John Felmy. "Growth in the oil and natural gas industry is the key to securing our future, creating millions of new jobs, and providing billions in revenue to the government. This potential has been unlocked by innovations in hydraulic fracturing and horizontal drilling that have made America the world's top energy producer. And these latest predictions show that our energy future is only getting brighter, promoting exports, strengthening manufacturing, and keeping America as the leader in emissions reduction."
API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 550 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 and are backed by a growing grassroots movement of nearly 20 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 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.
