The API has welcomed a report from the US Department of Commerce revealing that rapid growth in the US oil and natural gas industry helped to make 2013 a record year for US trade. In 2013, the total US trade deficit shrank by US$ 38.3 billion, while the trade deficit in petroleum products dropped by US$ 56.2 billion, due to lower energy imports and increased exports.
API Chief Economist John Felmy said, ‘America’s energy revolution is the driving force behind a rapidly improving balance of trade. Innovations in hydraulic fracturing and horizontal drilling have put the US 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 US manufacturing, as businesses take advantage of affordable and abundant energy supplies here in the US. 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 LNG and create thousands of new jobs.’
Recently, the API unveiled a study demonstrating the US job gains and economic growth associated with future exports of LNG.
Adapted from press release by Claira Lloyd
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