WASHINGTON, Dec. 5, 2013 /PRNewswire-USNewswire/ -- API welcomed a report from the U.S. Department of Commerce revealing that growth in the U.S. oil and natural gas industry contributed to record exports in October. The U.S. trade deficit shrank to $40.6 billion, a drop of about 5.6 percent, driven by low energy imports and increased exports of industrial supplies and materials, including petroleum products, according to the report. The Energy Information Administration also noted that U.S. exports of distillate fuel are up 30 percent from last year.
"The U.S. energy revolution is rapidly strengthening America's position in the global economy, creating millions of jobs, and reducing our trade deficit," said API Chief Economist John Felmy. "American innovations in hydraulic fracturing and horizontal drilling have unlocked vast energy reserves, and this growth is critical to the president's efforts to double U.S. exports and reduce our reliance on imports.
"Domestic oil and gas production not only creates opportunities for energy exports, it makes the U.S. a more affordable place to manufacture valuable products for sale around the world. But to take full advantage of this opportunity, it's important that the Department of Energy quickly address the backlog of applications to export liquefied natural gas and create thousands of new jobs here in America."
Recently, API unveiled a new study demonstrating U.S. job gains and economic growth associated with future exports of liquefied natural gas.
API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation's energy and are backed by a growing grassroots movement of over 15 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
SOURCE American Petroleum Institute