6 Ways Oil and Natural Gas is Driving Energy Progress

Apr 22, 2020 1:04 PM

Oil and Natural Gas is Driving Energy Progress

This Earth Day, we want to underscore the importance and value of New Mexico energy to our state and the country, while recognizing the significant progress and investments made in delivering cleaner, more reliable energy.

 

1. American Energy Security

Thanks largely to production in New Mexico, the United States officially became a net exporter of petroleum in the past year, which strengthens our national security. This reduced dependency on foreign energy means that more energy is produced with a better environmental profile than what is produced overseas.

 

2. Significant Investment in Cleaner Energy Production

The oil and natural gas industry has invested $356 billion toward reducing emissions and mitigating environmental impact since 1990. To put that figure into perspective, it’s more than four times the annual GDP of the entire state of New Mexico.

 

3. Reduced CO2 Emissions

American energy workers reduced CO2 emissions by more than 12% from 2005-2018, while the rest of the world increased total CO2 emissions by 29%. The oil and natural gas industry is committed to producing energy efficiently while reducing our carbon footprint.

 

4. Lower Methane Emissions Intensity

Permian Basin operators have reduced methane emissions intensity by nearly 64% in the past 7 years. If the Permian Basin were its own country, it would rank 45th in flaring intensity, based on World Bank data. Producers in New Mexico have even developed a Methane Mitigation Roadmap with solutions for further reducing methane emissions intensity.

 

5. More Affordable Household Energy

The increased availability of natural gas has helped drive American household energy costs down by 13.7% on average (2008-2018). Reduced imports have helped families across the country gain access to more reliable and affordable energy.

 

6. Advanced Technology Aimed at Reducing Emissions

New Mexico’s oil and gas producers are utilizing advanced technology such as satellites, drones, helicopters, and planes, along with mobile units and fixed-position sensors on the ground. Together, these technologies will help reduce emissions for years to come.