Embracing America’s abundant oil and natural gas recourses, protecting consumer choice, and prioritizing affordability, reliability, and sustainability are core tenets of the American Petroleum Institute’s 2024 State of American Energy (SOAE) that will “keep the lights on” for consumers across the country.
It’s no secret that U.S. oil and natural gas is the cornerstone of our nation’s energy and natural security, however, API dives deeper to highlight how the nation can continue to promote energy access while achieving lower emission goals. A few key takeaways from this year’s SOAE and their coinciding report include:
#1 American energy is in high demand at home and abroad.
Access to affordable, reliable energy is needed worldwide as consumers face uncertainties amid foreign conflict. In the past year, the United States has risen to the challenge by embracing our abundant resources at home to support global energy security.
Mike Sommers, President and CEO of API highlighted the “American energy advantage”:
“We produce more energy than any country in the world. This benefits our economy, our national security and is our insurance in a volatile time. This is our American energy advantage.”
With prolific natural resources and an emphasis on innovation within the sector, America’s energy advantage does not go unnoticed. EID has previously discussed how the industry’s approach to deliver oil and natural gas that’s versatile, cleaner, and reliable for consumers has positioned the United States as the unprecedented leader within the industry.
In 2023, the United States:
- Earned the title of #1 LNG exporter
- Set production records for oil and natural gas
- Decreased greenhouse gas emissions
#2 The U.S. energy industry’s innovation continues to reduce emissions across the supply chain.
EID has previously highlighted the oil and gas industry’s significant strides in reducing emissions through innovative technologies and operations. For example, natural gas has been the driving force in reducing U.S. power sector emissions for almost twenty years with twice the impact when compared to renewable power generation. Similarly, EPA data show across the board drops in total methane emissions in top oil and natural gas producing basins in the United States – meaning, American energy producers are producing more while emitting fewer emissions.
Despite these triumphs, the industry continues to face regulatory and administrative challenges that limit our nation’s ability to accelerate progress toward climate goals.
When it comes to energy security and environmental progress, “we have to do both,” @SenatorHick tells @APIenergy’s #SOAE2024. American energy leadership is founded on abundant oil and natural gas and emissions reductions. pic.twitter.com/iE05mfV8Ej
— American Petroleum Institute (@APIenergy) January 10, 2024
.@SenatorHick at @APIenergy’s #SOAE2024: American oil and natural gas companies are “part of the solution” when it comes to reducing emissions and providing resources to bolster U.S. energy leadership at home and around the world.
— American Petroleum Institute (@APIenergy) January 10, 2024
#3 Energy policy requires a long-term approach.
2024 is expected to be a critical year for energy policy, with major developments from infrastructure to regulatory rules to onshore and offshore leasing expected in the upcoming months. More importantly, the election year positions energy issues to be at the forefront of prominent discussions regarding our nation’s future.
As EID has previously mentioned, policies that stall energy production through delayed permitting, infrastructure or regulatory barriers diminishes the nation’s ability to maintain economic and national security. Last year we witnessed the impact of limiting energy production when the Biden Administration used the strategic petroleum reserve – a resource intended only for emergencies – to counteract faulty policy decisions that resulted in low domestic supply and high gas prices during a global energy shortage.
To avoid similar disruptions, API stresses that an accelerated approach towards bolstering American infrastructure will be essential. From the report:
“America’s energy success can spread across the world, helping accelerate global progress toward climate goals and alleviating energy poverty, but only if infrastructure is not needlessly delayed by bureaucratic obstacles.”
Bottom Line: Despite its challenges, 2023 was an outstanding year for American energy. From record production levels to continued innovation, U.S. oil and gas is in a unique position to meet global demand while achieving climate goals. As API notes: “An all-of-American-energy approach, embracing abundant resources, ensures a future of affordable, reliable and cleaner energy.”
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