The American Petroleum Institute (API) detailed the progress of the US oil and gas industry in terms of economic, sustainability, and safety practices.
In terms of productions, the industry has provided the country with oil resources that can last for 75 years based on the current level of demand. The country also has robust natural gas resources that could last for up to 145 years of current demand.
The institute also touted job creation across several fields within the industry and almost 700 standards, including the API 650 fabricator guidelines, which aim to enhance safety in operations.
Between 1990 and 2015, the API recorded a 16.3% and 59% reduction in methane emissions from natural gas systems and hydraulic fracturing activity, respectively. Investments worth $90 billion for zero- and low-carbon technologies from 2000 to 2014 played a role in achieving this sustainable milestone, according to the API. It also lauded legislative support to delay ozone rules under the Clean Air Act.
The House Energy and Commerce Environment Subcommittee recently advanced an amendment to the Obama-era ozone rules. Under the Ozone Standards Implementation Act, states would have more time to submit their plans on how to comply with several air quality and anti-pollution rules, including those from the Environmental Protection Agency.
The proposal marks a step towards the right direction, according to Howard Feldman, API senior director of regulatory & scientific affairs. Feldman said that states have made progress in addressing air pollution, so the proposed bill would help in eliminating duplicate regulations that will lead to added costs for states and several businesses.
As the API report foreshadowed a good future for the oil and gas sector, stakeholders can be sure that the organization will continue to uphold standards for best practices in equipment and operations.