World energy demand is growing, and America’s oil and natural gas companies are investing to meet it — sustainably. That’s critical because International Energy Agency projections show that fossil fuels will supply 78% of global energy needs by 2040, even as renewable sources expand. Read more below about the American Petroleum Institute Oil report.
U.S. supply has kept pace — sustaining world-leading production, contributing virtually all international supply growth and helping offset OPEC supply cuts — despite less drilling activity. This technological prowess makes old-school assumptions obsolete. With companies becoming more efficient and cost-effective, production could grow even if investments were to fall.
More important, the statistic is one more indication of our success reducing our environmental footprint. Growing energy demand doesn’t mean we can’t cut greenhouse gas emissions. The United States happens to lead the world in reduction of carbon dioxide since 2000. Thanks to growing use of natural gas in power generation, U.S. carbon emissions are at their lowest levels in a generation. That’s success we can replicate globally through growing exports of liquefied natural gas.
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