U.S. LNG EXPANDING
WASHINGTON, April 27, 2016 – The American Petroleum Institute applauded the U.S. House Armed Services Committee's passage of the LNG exports amendment in the FY17 National Defense Authorization Act, which would streamline the Department of Energy permit application process and strengthen economic development and energy security in the U.S. and abroad.
"The House Armed Services Committee's passage of LNG exports legislation is the latest example of bipartisan recognition by Congress that the U.S. is an energy superpower," said API Executive Vice President Louis Finkel.
"Expanding LNG exports will create American jobs, grow our economy, strengthen the global marketplace and bolster strategic alliances abroad. U.S. LNG exports not only provide international consumers with greater choice, but also help them break dependence on nations that use their energy resources as a diplomatic and political weapon.
"It's time for our nation to fully embrace the economic and geopolitical opportunities unleashed by the energy renaissance. Accelerating exports of U.S. LNG ensures that consumers across the globe have access to stable, diverse energy supplies, protects America's role as a global energy leader and further enhances national security in the homeland."
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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.