U.S. FALSE CHOICES
API Executive Vice President Louis Finkel made the following remarks in response to an anti-consumer proposal to restrict energy development on federal lands, which could raise energy costs on consumers, destroy American jobs, deprive the federal government of billions in revenue, and weaken our national security.
"This extreme proposal is anti-consumer and anti-jobs. It could significantly raise energy costs, destroy tens of thousands of well-paying American jobs, eliminate billions of dollars in federal revenue, and put a big dent in one of the few bright spots of our economy. Analysis of the latest government figures show that oil and gas production supported nearly half a million jobs.
"Consumers demand and rely on affordable energy. Shutting off America's development of our abundant resources on federal lands would make us more dependent on foreign sources of oil and gas—just when we've decreased our dependency on foreign oil from 58 percent to 26 percent, over the last ten years.
"Cutting off development of energy resources from federal lands will also deprive the Federal Government of billions of dollars in tax revenue. The false choice is a political stunt by those who are spouting populist rhetoric for political points; they are not being honest with American voters."
Fossil fuels provide more than 80 percent of the energy Americans use every day, according to the Energy Information Administration. The government's own estimates show that we will need oil and natural gas for decades to come and it's a critical part of an all-of-the-above energy strategy that makes our country strong.
"Our nation has become a global leader in energy production and at the same time is leading the world in reducing carbon emissions which are down to 27-year lows largely due to the affordable and abundant supply of natural gas. We are also the top industry investing in low and zero-emission technologies, and spend almost as much as the federal government on these technologies."
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 625 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 25 million Americans.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.