Comments on the US energy economy

In response to the AEO2014 reference case findings that have been released and can be found here and here, the API and EIA have made the following comments.

API

The API welcomed the report from the US EIA forecasting record breaking production of domestic oil and natural gas, which will dramatically increase US energy security. API Chief Economist, John Felmy commented, ‘America is in the midst of a game changing energy revolution. Growth in the oil and natural gas industry is the key to securing our future, creating millions of new jobs, and providing billions in revenue to the government. This potential has been unlocked by innovations in hydraulic fracturing and horizontal drilling that have made America the world’s top energy producer. And these latest predictions show that our energy future is only getting brighter, promoting exports, strengthening manufacturing, and keeping America as the leader in emissions reduction.’

EIA

EIA Administrator, Adam Sieminski said, ‘EIA’s updated reference case shows that advanced technologies for crude oil and natural gas production are continuing to increase domestic supply and reshape the US energy economy as well as expand the potential for US natural gas exports. Growing domestic hydrocarbon production is also reducing our net dependence on imported oil and benefiting the US economy as natural gas intensive industries boost their output.’

Edited from various sources by Claira Lloyd

Read the article online at: https://www.worldpipelines.com/business-news/31122013/comments_on_us_energy_future/