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DOE report highlights role of technology innovation in oil and natural gas sectors

The U.S. Department of Energy’s (DOE’s) Office of Fossil Energy (FE) announced on October 5 the release of a new report: U.S. Oil and Natural Gas: Providing Energy Security and Supporting Our Quality of Life. This report acknowledges the critical role of advanced energy technology innovation in maintaining U.S. economic success and providing a sustainable domestic energy supply for the future, while recognizing the important benefits the oil and natural gas sector provides in our daily lives.

At an energy and manufacturing roundtable in New Mexico, Deputy Secretary of Energy Mark W. Menezes announced the release of the report.

“Oil and natural gas provide more than two-thirds of the energy Americans consume daily. In addition to meeting our energy needs, these fossil fuel resources are integral to our standard of living,” he said. “This report delves into the importance of these resources, the five key technologies that have supported the industry’s advancement, the opportunities for future domestic energy growth, and more.”

Over the next two decades, oil and natural gas are projected to account for the majority of energy consumption in the United States. Not only is natural gas the largest contributor to the Nation’s electric power generation, but oil and natural gas combined are revitalizing the U.S. petrochemical manufacturing industry, supplying high-tech materials, increasing commerce from exporting liquefied natural gas, supporting renewable energy, and creating well-paying jobs across the country.

“The Department’s efforts performing the early-stage research and working with industry to develop the technology have helped make this success possible. While the United States was once heavily reliant on oil and natural gas imports, we are now a major supplier in international energy markets,” said Assistant Secretary for Fossil Energy Steven Winberg. “We will continue to foster relationships with industry, academia, state agencies, the private sector, and non-governmental organizations to drive innovation forward, to underpin U.S. economic growth and energy security.”

Read more: https://www.energy.gov/articles/department-energy-issues-report-benefits...

Read the report: https://www.energy.gov/sites/prod/files/2020/10/f79/Natural%20Gas%20Bene...

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