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, º£½Ç³Ô¹ÏÍø˜Americaº£½Ç³Ô¹ÏÍø™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 weº£½Ç³Ô¹ÏÍø™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 Presidentº£½Ç³Ô¹ÏÍø™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.º£½Ç³Ô¹ÏÍø™
Recently, the demonstrating the US job gains and economic growth associated with future exports of LNG.
Adapted from press release by