American Petroleum Institute (API) President and CEO Mike Sommers told policymakers that supporting safe and responsible production of all energy sources in the United States would advance U.S. energy leadership and address the economic and climate challenges facing the country today.
Sommers made the remarks during the 18th Annual State of the Energy Industry Forum, hosted by the U.S. Energy Association, on Thursday. He said that supporting all energy sources would also unleash private investment and expand energy infrastructure projects.
“Americans and the world are counting on all of us to meet energy demand responsibly,” Sommers said. “Despite reports to the contrary, there are plenty of ways to find consensus and common ground … whether it’s working together toward infrastructure and permitting policies that enable critical projects and good union jobs; keeping America the world’s energy leader; or addressing the challenge of climate change.”
With the global population expected to increase another 2 billion by 2050, Sommers said that “every type of energy” will be needed to address the world’s most pressing challenges – from the ongoing COVID-19 pandemic and supply chain disruptions to rising inflation and climate change.
He said there are four areas where policymakers and the energy industries could work together, including supporting permitting guidelines that protect the environment while avoiding unnecessary delays, finalizing the direct regulation of methane, advancing carbon capture, and building on momentum expanding LNG export capacity.
“There’s an important case to be made for cooperation between all of our industries and this administration. Cooperation is a necessity in ensuring the supply of U.S. energy, including solar, wind, nuclear – and yes, petroleum products,” Sommers said, citing IEA data that projects natural gas and oil will account for nearly half of the energy mix in 2040, even if countries meet Paris Climate Agreement commitments. “The only real decision here is where natural gas and oil are produced. Energy is an input for practically everything else in the economy. With supply-chain failures and with inflation on the minds of many Americans, the last thing anyone wants to see is more upward pressure on costs that are felt by every family and business.”