AMERICAN ENERGY SECURITY
Allowing more offshore oil and natural gas development is one of the best ways policymakers can grow the economy, strengthen our energy security and raise more revenue for competing priorities – from education to infrastructure and conservation, according to API Director of Upstream and Industry Operations, Erik Milito.
"This is American energy security, American jobs, U.S. government revenue and American GDP tied up by political red tape. This is a once in a generation opportunity, stuck, off limits to future generations as it waits for forward-looking energy policy.
"Just today, a petition signed by more than 186,000 concerned citizens from around the country – but mostly from coastal states – is being delivered to Secretary Jewell's office. More and more Americans will continue to write in support as the discussion continues. More than 500,000 energy voters submitted comments during the previous comment period.
"We've seen the benefits of our U.S. energy renaissance. U.S. consumers see it at the gasoline pump and in their home energy bills. Americans read about the positive geopolitical impacts on a daily basis. This is a big opportunity and if the U.S. is to continue the success we've seen over the past decade of American energy leadership and our ability to compete on the global market, the time to get it right on energy policy is now.
"Keeping federal offshore acreage off limits to development is not in America's interests. The revenue generated by offshore oil and natural gas production can help state and local governments afford to develop or upgrade tourist attractions, infrastructure and beach projects. A revenue sharing agreement like the one in effect for states bordering the Gulf of Mexico should also be extended to other coastal states. Every state that hosts oil and natural gas development off its shores should get a fair share of the revenue collected by the federal government."
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 650 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 30 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.