U.S. NEEDS ENERGY
API President and CEO Jack Gerard said American voters of all political stripes agreed that the country needs strong energy leadership to create jobs, lower fuel costs for consumers, enhance our energy security, and lower emissions. In a press call with reporters, Gerard revealed the results of an API actual voter poll conducted on election night.
"Eighty percent of voters support increased development of U.S. oil and natural gas resources including 71 percent of Democrats, 94 percent of Republicans and 76 percent of Independents," said Gerard.
"Voters want a Congress and administration that works for their interests. And just as there is bipartisan voter support for energy priorities, there is an opportunity for Republicans and Democrats in Congress to work toward pro-development policies that provide economic growth, job creation and energy security.
"With the oil and natural gas industry facing 145 regulations or other policy-setting activities that could discourage production, preventing regulatory overreach should be a top priority. A combination of industry innovation, market forces and existing standards have proven effective for keeping hydraulic fracturing safe and reducing emissions of ozone, methane and carbon. In fact, the United States leads the world in reduction of carbon emissions, with clean-burning natural gas driving emissions in the power sector to 25-year lows.
"Seventy-seven percent of voters say they support a national energy policy that ensures a secure supply of abundant, affordable and available energy for the American people in an environmentally responsible manner. That description serves both as a good summary of what the American energy revolution is accomplishing and as a guiding principle for the next administration's energy policy.
"We look forward to working with the new Congress and the Trump administration to implement voters' energy priorities and maintain America's global energy leadership."
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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.