>p>The American Petroleum Institute (API) has pointed out new evidence that supports increased oil and natural gas development. The evidence comes in the form of a report from the NPC and finds that significant technology and infrastructure hurdles remain for advancing alternative transportation fuels.
Comments from the API
‘This report underscores the importance of an all of the above energy strategy for America that includes responsible development of our vast oil and natural gas resources,’ said API Director of Downstream and Industry Operations Bob Greco. ‘We have more oil and natural gas than anyone though possible even five years ago. We are sitting on a lottery ticket that could spur millions of jobs, billions of dollars in revenue for the government, and more than 100 years of energy for our country.
‘When we look at all of the nation’s domestic energy options, oil and natural gas, nuclear energy, coal, renewable and alternative energy sources such as biofuels, we see a nation with ample opportunities for growth. Oil and natural gas companies are at the forefront of much of the technology and investment driving the future of energy for our nation.’
US$ 71 billion has been invested by the American oil and natural gas industry in technologies that reduce GHG emissions over the last 10 years. This investment is far more than the federal government and almost as much as the rest of private industry combined.
‘One of every five dollars invested in non-hydrocarbon technologies such as solar, wind power and biofuels comes from the oil and natural gas industry,’ Greco said. ‘As we continue to invest in these additional forms of energy, the best way for the US to enhance its energy security, create jobs and provide more government revenue is through policies that allow responsible access to domestic oil and natural gas resources. Our industry is committed to ensuring safe and environmentally responsible development of America’s resources to help meet our nation’s economic and growing energy needs.’
The National Petroleum Council was first organised during World War II. It is a federally chartered committee that advises the secretary of energy and the administration on energy policies.
Adapted from press release by Claira Lloyd.