API report finds carbon emissions and consumer energy costs down, natural gas use up
The ongoing shift to natural gas use in the United States has, according to the latest quarterly and monthly outlooks from the American Petroleum Institute (API), led to lower carbon emissions and consumer energy costs.
The trade association’s data can be split into two categories: the API’s third-quarter 2019 Industry Outlook and it’s August 2019 Monthly Statistical Report. The former recorded record U.S. LNG exports — which now reach 35 countries — refinery expansions and an overall solid position for refiners heading into 2020. It also noted that states adding more natural gas generation operations have, generally speaking, seen lower carbon emissions and electricity prices.
“With natural gas, we have proven that economic growth and the reduction of carbon emissions are not mutually exclusive,” Dean Foreman, API Chief Economist, said. “The fact that the U.S. has led the world in the reduction of carbon emissions for nearly two decades wouldn’t have been possible had it not been for the abundant supply of affordable and clean natural gas made possible by the shale revolution.”
As for the August report, it found that total U.S. petroleum demand had reached its highest point since August 2005: 21 million barrels per day (mb/d). Inventories are on the rise and infrastructure is improving, which has also contributed to increased supply and lowered prices. Further, petroleum exports reached 8.1 mb/d.
