API Welcomes Surge in U.S. Trade on Energy Production Gains

API welcomed a report from the U.S. Department of Commerce revealing that rapid growth in the U.S. oil and natural gas industry helped to make 2013 a record year for U.S. trade.

In 2013, the total U.S. trade deficit shrank by $38.3 billion, while the trade deficit in petroleum products dropped by $56.2 billion, due to lower energy imports and increased exports.

“America’s energy revolution is the driving force behind a rapidly improving balance of trade,” said API Chief Economist John Felmy. “Innovations in hydraulic fracturing and horizontal drilling have put the U.S. in a position of strength, and we’re seeing that translate into more jobs, more exports, and less dependence on imported energy. Domestic oil and gas production also is powering a resurgence in U.S. manufacturing, as businesses take advantage of affordable and abundant energy supplies here in the U.S. To accelerate this growth and help meet the President’s goal of doubling exports, the Department of Energy should work quickly to address the backlog of applications to export liquefied natural gas and create thousands of new jobs.”

Recently, API unveiled a study demonstrating U.S. job gains and economic growth associated with future exports of liquefied natural gas.

Press Release, February 07, 2014

 

Share this article

Follow LNG World News

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

3rd CWC Japan LNG & Gas Summit

As the only commercially focused forum for the Japanese LNG industry

read more >

Cryogenic Storage Tanks

The program committee looks forward to having the opportunity for intensive, objective and professional…

read more >