Study: U.S. Oil and Natural Gas Industry Funded 73% of Emerging Energy Efforts in North America from 2000-2005 WASHINGTON – The U.S. oil and natural gas industry reinvested $98 billion during the past five and a half years on emerging energy technologies in North America, according to a new report.
The analysis, from the Institute for Energy Research and the Center for Energy Economics at the University of Texas, notes that investment represented 73% of the estimated $135 billion spent by all U.S. companies and the federal government from 2000 through 2005.
Consistent with the industry’s inherent expertise, $86 billion were directed toward “frontier hydrocarbons” – technology to make inferior grades of oil, such as tar and oil sands and heavy oil, more usable by refineries, and to turn waste and residue hydrocarbons (gasification including hydrogen production) into high-value products, according to the study commissioned by API.
The oil and natural gas industry also invested $11 billion for advanced “end-use” technologies, mostly for advanced vehicles using fuel cells and for efficiency improvements through combined heat and power (cogeneration). This represented 35% of the estimated total ($31 billion) spent by both U.S. companies and the federal government in this area.
And, investment by the oil and natural gas industry in nonhydrocarbon energy alternatives was estimated to be $1.2 billion, or 8% of the approximately $15 billion total industry and federal spending in this area. The industry’s top investment was in wind power; expenditures were also made in solar and geothermal energy and in gas generated by biodegradable landfill materials.
“This study clearly refutes the claim that our companies are not walking the talk with regard to our energy future,” said API President and CEO Red Cavaney. “This is a forward-looking industry committed to meeting the consumer’s energy needs far into the future, and these significant investments are proof.”
Click below to download the complete report: Oil and Gas Industry Investments in Alternative Energy, Frontier Hydrocarbons and Advanced End-Use Technologies
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File Size: 1.5 MB / Version Date: May 2006 / License: Free
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