API: Cheaper gasoline among domestic energy production's benefits

The American Petroleum Institute (API) recently highlighted how increased domestic oil and natural gas production has continued to benefit U.S. consumers this summer, providing affordable gasoline prices -- with a drop in carbon emissions for good measure.

 “Throughout the summer, motorists have continued to benefit from America’s energy renaissance with relief at the pump and in their homes,” API Chief Economist Erica Bowman said. “World-leading U.S. production has translated into lower energy costs for individual Americans and families. This is a winning scenario for American consumers.”

API said gasoline prices have declined by nearly 50 cents per gallon year-over-year, with consumers having saved an average of over $550 in 2015. More recent data points to a 25 percent drop in crude oil prices when the first half of 2016 is compared with the first half of 2015. This also has translated to a drop in energy-related carbon emissions in the U.S., with levels falling 12 percent when 2015 is compared with 2005.

“Additionally, increased use of natural gas has helped drive U.S. carbon dioxide emissions to near 20-year lows while energy use and production have increased,” Bowman said. “Looking ahead to November and before the debates this fall, no time is better to remind candidates about the importance of the American energy renaissance for U.S. consumers, families, the nation’s economy and U.S. energy security.”