I am hopeful. Following the unimaginable challenges and catastrophic events of 2020, I have hope that we are on a positive path toward recovery for our state, nation and world. I also have confidence that our resilient oil and gas industry will play a critical role in this much-anticipated rebirth, sparking job creation and strengthening America's position as a leader in affordable, sustainable energy production.
LORI LEBLANC, Vice President, LMOGA
LORI LEBLANC, Vice President, LMOGA
Here at LMOGA, we have always believed that robust domestic energy production and environmental stewardship go hand in hand. It's simply how our producers operate. Despite low oil prices, economic shutdowns and decreased demand brought on by the pandemic, our domestic oil and gas producers are forging ahead with responsible production and environmental initiatives that will fuel our economic recovery and address the risks of climate change.
There is no choice to make between robust domestic oil and gas production and environmental stewardship. We can have both, and our economic recovery depends on it.
In the past decade, the U.S. achieved a tremendous milestone, moving from dependence on foreign countries for energy to being one of the world's top energy exporters. As production has increased, net energy imports have fallen to their lowest levels in half a century. In fact, the U.S. is the world's leading producer of petroleum and natural gas -- an accomplishment that would have been unthinkable just one generation ago. This achievement bolsters national security, but it also saves you money.
According to Consumer Energy Alliance, America's plentiful supply of natural gas helped reduce the average American's household spending on energy 13.7 percent between 2008-2018. By comparison, household spending during this same time frame increased by 67 percent for health care, 34.5 percent for education and 23 percent for food costs. U.S. residents clearly enjoy one of the most affordable energy supplies in the world, and American energy exports will help bring electricity to 860 million people worldwide. Industry innovations are helping to meet the world's growing energy demands.
Increased production has also come with increased investments in pioneering solutions to combat climate change. Thanks to continuous research and development, investment in technology and a commitment to collaboration, America's oil and gas industry is now producing more energy than ever while also reducing greenhouse gas emissions. According to API, the natural gas and oil industry has invested $356 billion in improving environmental performance since 1990.
- In 2017 alone, industry spent $15.9 billion on new technology, cleaner fuels and other environmental initiatives.
- Industry has invested billions of dollars in greenhouse gas-mitigation strategies like carbon capture, utilization and storage. This groundbreaking technology is designed to remove CO2 from operations and convert it into marketable commodities or recycle it for use in enhanced oil recovery.
- Industry-led initiatives like The Environmental Partnership promote collaboration on emissions reductions and energy solutions. Today, the partnership includes 36 of the top 40 U.S. natural gas producers, all committed to reducing emissions of methane and VOCs in America's largest energy-producing regions.
- American energy workers are key players in driving CO2 emissions to their lowest levels in a generation, helping the U.S. reduce emissions more than any other country while producing energy more efficiently and with a smaller environmental footprint.
- From 1990-2017, emissions in Louisiana fell 66 percent, as energy production and use soared.
Louisiana's oil and gas industry is proud to fuel this nation when our economy needs the spark of reliable and affordable energy the most. We are equally proud of our voluntary efforts to reduce emissions and mitigate the risks of climate change. LMOGA member companies will continue to invest in innovative environmental technology to reduce emissions as we produce, refine, and deliver oil and natural gas to power our recovery. America is depending on us.
For more information about LMOGA and its work to protect and grow Louisiana's oil and gas industry, visit www.lmoga.com or call (225) 387-3205.
