U.S. RAISES GAS PRICES
President Obama's plans to add costly new regulations on methane when emissions are already falling could harm America's shale energy revolution that has lowered energy costs for American consumers by $700 a year at the pump and $1200 in home utility bills, said API Vice President of Regulatory and Economic Policy Kyle Isakower.
"Additional regulations on methane by the administration could discourage the shale energy revolution that has helped America lead the world in reducing emissions while significantly lowering the costs of energy to consumers. The administration is catering to environmental extremists at the expense of American consumers.
"America is already leading the world in reducing greenhouse gas emissions. Even as oil and natural gas production has risen dramatically, methane emissions have fallen, thanks to industry leadership and investment in new technologies. These industry-led efforts are a proven way to reduce methane emissions from existing sources, and they are clearly working.
"Let's not forget that the safe and responsible development of energy from shale has helped the U.S. cut CO2 emissions to near 20-year lows. The last thing we need is more duplicative and costly regulations that could increase the cost of energy for Americans and that could potentially drive up greenhouse gas emissions."
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.