American Petroleum Institute CEO and President Jack Gerard presented his annual API State of American Energy Report last week.

In the report, he notes that American energy has lowered costs for businesses and industry, spurring the manufacturing sector’s renaissance and bringing a number of manufacturers back to the U.S. from overseas.

Producers of steel, chemicals, plastics and other products have benefited from lower costs for power and feedstocks thanks to abundant domestic natural gas and oil. U.S. industrial natural gas and electricity costs are significantly lower than those of most of foreign competitors. China’s manufacturing cost advantage over the U.S. shrank from 14% in 2004 to an insignificant 1% in 2016.  That is a direct boost to the global competitiveness of U.S. Companies.

Click here to read the report in its entirety.