WASHINGTON, Sept. 11 (UPI) -- The U.S. oil and natural gas industry invested more than $80 billion to lower greenhouse gas emissions from 2000 through 2012, an oil lobby group said.
The American Petroleum Institute said a study by T2 and Associates found the domestic energy industry invested approximately $81 billion in greenhouse gas emissions mitigation technologies during the 12-year period.
API, which represents the interests of more than 500 energy companies, said the technology helped reduce emissions by the equivalent of 53.6 million metric tons of carbon dioxide.
"America's oil and natural gas companies have invested more to reduce greenhouse gas emissions than the federal government and almost as much as all other industries combined," said API Vice President for Policy and Economic Analysis Kyle Isakower in a statement Tuesday. "The industry is aggressively pursuing new technologies and game-changing energy research that will fuel innovation for years to come."
The online Oil & Gas Journal reported a "particularly strong" investment in emissions associated with shale development.
New drilling technologies associated with shale helped stimulate the U.S. oil and natural gas sector. Opponents say shale production is more carbon-intensive than conventional means.