Opening Statement as Prepared for Delivery
API President and CEO Mike Sommers
As the world grapples with Coronavirus, the news out of the OPEC + Russia meeting over the weekend added more market instability to an already challenging picture.
Many global players are threatened and have voiced concerns about the U.S. energy revolution, and their decisions are part of the reaction we can expect in the new paradigm of America as an energy superpower.
For Americans, what’s happening with global supply is less important than it was 20 years ago thanks to U.S. shale development and innovative technologies like hydraulic fracturing.
U.S. producers today are more efficient and productive than ever before – their investments are for the long-term.
But while the U.S. is the world’s leading producer of natural gas and oil, it doesn’t shield us entirely given the interconnectedness of the global market.
As always, our industry’s investments are and will continue to be determined by the fundamentals of the market, which point to every increasing global energy needs in the long-term. Our industry responds to those fundamentals.
It’s important for American consumers and businesses to know that the market is well-supplied and product is available. That’s part of the good news of U.S. energy leadership – Americans are less exposed today to dramatic price increases and abundant U.S. energy is a stabilizing force in global markets.
There is no doubt that we are in challenging times. But we have weathered complicated periods as a nation and as an industry.
The natural gas and oil industry will face this challenge head on—as problem solvers focused on providing safe, reliable, affordable and cleaner energy.
