API: USGS Identifies More Recoverable Natural Gas and Oil in Permian Basin; Affirms U.S. Energy Leadership

WASHINGTON, December 6, 2018 – The American Petroleum Institute released the following statement regarding today’s U.S. Geological Survey with new estimates for natural gas and oil in the Permian basin that show the assessments for technically recoverable resources have increased over the past decade.

“Today’s announcement reflects yet another benefit of America’s shale energy revolution. Innovative technology developed by the U.S. natural gas and oil industry has spurred our economy, strengthened our energy security and lowered costs for energy consumers,” said Mike Sommers, president and CEO of API. “Now the world’s largest producer of natural gas and oil, the U.S. is a global energy leader at the same time we are driving down GHG emissions.

“The U.S. energy revolution has delivered massive economic, environmental and geopolitical benefits and it is clear that the world is better off with the U.S. as the world’s leading natural gas and oil producer. When we lead the world through the responsible production of affordable energy, we also serve as an important tool for climate progress for the world. It’s one more way the U.S. is leading in environmental progress.

“While it is important to recognize the opportunity such U.S. natural gas and oil resources represent, it is necessary to have the infrastructure to bring them to market. Supporting energy infrastructure is critical to ensuring that consumers, workers and the environment will continue to benefit from the record U.S. energy production that has boosted our economy and increased our national security over the past decade.”

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, and 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.