According to the American Petroleum Institute’s top executive, U.S. oil production will soon make the nation the world’s leading oil producer, in addition to our country’s current status as the world’s number one natural gas producer and top petroleum refining industry in the world.
The more oil and gas that is produced on American soil, the more of an impact there is on cost savings for the American consumer. Jack Gerard, President and CEO of the American Petroleum Institute reveals, “For every 1-cent drop in the price of a gallon of gas for a year, American consumers save $1.2 billion. America’s emergence as a global energy leader has fundamentally re-ordered the world’s energy markets … by reducing what had been the dominant roles of OPEC and Russia.”
This push towards the top in oil production has catalyzed the movement towards Congress – with oil and gas industry executives looking to authorize the construction of the Keystone XL pipeline from the Canadian border to the Gulf Coast.
The industry also wants to repeal the 1970s-era ban on exporting U.S. crude, to make it a lot easier for natural gas producers to export liquefied natural gas, and significantly reduce the amount of ethanol and bio-diesel that must be added to petroleum-based gasoline and diesel.