U.S. JOBS: 4.3 MLN
BOE wrote, the U.S. would have bled millions of jobs and the economy would have contracted by $548 billion were it not for explosion in oil and gas development, according to a report by an energy industry group.
An analysis by the U.S. Chamber of Commerce found that the natural gas revolution generated more than 4.3 million jobs and injected nearly half a trillion dollars into the economy. It also determined that all those jobs would have been lost had the so-called "Keep it in the Ground" movement succeeded in suffocating the oil revolution.
The group compared data from 2015 to similar data in 2009, when the public first began to notice a massive uptick in energy production. Analysts used models comparing capital investments, energy prices, among other key indicators, to estimate the "multiplier" effects of dramatic energy sector growth.
"The 'Keep it in the Ground' movement completely ignores the vast benefits to our nation's economy that the energy renaissance has brought to us," Karen Harbert, the group's CEO, said in a press statement Thursday.
She added: "It costs consumers less to drive a car and heat their homes today. And all the while, our nation has been decreasing its energy imports and lowering emissions."
The group's analysis also broke down the effects the uptick in energy production has had on battle ground states leading up to the national election.
Ohio, for instance, would have lost nearly $10 billion in state GDP, $6 billion in wages, and 114,500 jobs, according to the group's report, had anti-oil activists like Vermont Sen. Bernie Sanders and Bill McKibben found a way to wipe out the expansion in domestic energy.
Anti-fracking activists in the Buckeye State suffered a series of crippling legal defeats on Sept. 19 when Ohio's Supreme Court refused to place anti-fossil fuel measures on the ballot in November, and blocked attempts by local governments to ban fracking.
The court's decisions should not come as a shock, as similar bans have been struck down in other states across the country.
Recent polling from Ohio show Republican presidential nominee Donald Trump outperforming his Democratic opponent, Hillary Clinton, in Ohio. The former secretary of state weathered a flurry of controversy earlier this year in Ohio when she suggested her policies would "put a lot of coal miners and coal companies out of business."
She eventually qualified her comments, but not before the Democratic presidential nominee's comments caught fire in the media.
The analysis is part of the Chamber of Commerce's Energy Accountability Series, which thumbed through troves of data to determine how much domestic energy production has affected the U.S. economy.
The group's first report, published in August, found that the U.S. will lose 380,000 oil and gas sector jobs if anti-fossil fuel rhetoric espoused during the campaign season becomes policy.
A successful "keep it in the ground" movement, which was kicked off by well-heeled environmentalists like billionaire hedge fund manager Tom Steyer, would cause the loss of nearly a quarter of the nation's current production of coal, oil and natural gas, according to the report.
It would also result in the loss of more than $11.3 billion per year in annual royalties and rental fees for federal and state governments. It would almost certainly threaten $70 billion in annual U.S. GDP.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.