API: Every Type of Energy Needed to Address Economic and Climate Challenges
American Petroleum Institute (API) president and CEO Mike Sommers said every form of energy will be needed in his remarks on Jan. 20 alongside other energy leaders during the 18th Annual State of the Energy Industry Forum, hosted by the U.S. Energy Association.
Sommers urged policymakers to advance U.S. energy leadership and address today’s economic and climate challenges by supporting safe and responsible U.S. production of all energy sources, unleashing private investment and expanding 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 global population projected to increase another 2 billion by 2050, Sommers noted that “every type of energy” will be needed to address today’s most pressing challenges, from the ongoing pandemic and supply chain disruptions to rising inflation and climate change. Sommers highlighted four key areas where policymakers and all energy industries can work together, including supporting permitting guidelines that both protect the environment and avoid unnecessary delays; finalizing the direct regulation of methane for new and existing sources; advancing carbon capture; and building on momentum in 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 International Energy Agency (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,” Sommers said. “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.
“I think the answer is obvious, working together. Let’s sustain the momentum of reducing emissions and addressing climate risk while keeping energy production of all kinds here in America,” Sommers concluded.
Read the full speech here.American Petroleum Institute (API), Energy Policy, Energy Transition
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