DESPITE WHITE HOUSE POLICIES
The president's economic address at Northwestern University celebrated the results of America's energy revolution but omitted key steps forward, according to API President and CEO Jack Gerard.
"We appreciate the president once again acknowledging the economic success that has been driven by America's oil and natural gas industry," said Gerard. "As he noted, oil imports have been cut in half and rising natural gas production is revitalizing manufacturers while reducing carbon emissions to near 20-year lows. But let's be clear – our energy renaissance has occurred despite White House policies, thanks primarily to the support of private investors and state governors who have worked diligently to support new development."
Gerard noted that oil and natural gas production on federally controlled territory fell substantially from 2009 to 2013, according to the Congressional Research Service.
"The president said that 'job growth could be so much faster, which would drive up wages.' We could not agree more – which is why our energy policy should match the all-of-the-above rhetoric we hear from the White House.
"Limited access to federal lands and 70s-era trade restrictions continue to threaten the progress of our energy revolution. Washington should recognize that energy can be a key to raising incomes and lowering costs for American families. The average oil and natural gas job pays about seven times the federal minimum wage. By turning aside duplicative regulations, opening the door to U.S. energy exports, and eliminating counterproductive fuel mandates, we can create millions of new jobs and achieve a new era of energy security."
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API's more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 20 million Americans.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.