U.S. WILL LOSE $500 BLN
Pro-development energy policies could add 2.3 million U.S. jobs and add $443 billion per year to the U.S. economy by 2035, according to a study by Wood Mackenzie: A comparison of U.S. Oil and Natural Gas Policies – Pro Development Policies vs. Proposed Regulatory Constraints, released Tuesday by API. Conversely, the study found that a path of regulatory constraints proposed by the Obama administration could lead to 830,000 lost jobs and lead to a decrease of $133 billion per year in the U.S. economy.
"The study contrasts the tremendous difference between the benefits from pro-energy policies and the negative effects of policy decisions that are anti-energy," API President and CEO Jack Gerard said during a speech re-launching API's Vote4Energy campaign. "Energy is fundamental to our society, and thanks to American innovation and entrepreneurial spirit, our nation stands among the world's leaders in energy production. America will remain a global energy leader only if we get our nation's energy policy right today."
Pro-development policies could increase cumulative local, state, and federal government revenue by over $1 trillion and lower average annual household energy expenses by $360 by 2035, according to the study. A path of regulatory constraints would lead to a cumulative decrease of $500 billion in government revenue from 2016 to 2035 and an increase of $242 in average annual household energy costs.
"Looking ahead to the 2016 elections, API will be encouraging a comprehensive conversation about our energy future by engaging voters and policymakers through our Vote4Energy education and advocacy effort," Gerard said. "In exactly 72 weeks Americans will cast their vote to decide who will represent them at all levels of government. The electoral decisions we collectively make in 2016 will be fundamental to the trajectory of our nation's energy, economic and national security future. Future generations are looking to us to get our nation's energy policy right and are counting on us to leave them a country that is second-to-none in energy production, security and economic prosperity."
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.