Credit crunch was expected to hit many independent U.S. oil producers, starving the industry of billions of dollars and further denting company budgets and drilling plans.

Gazprom would need to bring spot gas prices below $4 per million British thermal units (mmBtu), versus around $5.65 per mmBtu now, to shut Europe off to U.S. imports - a level Goldman Sachs expects could be reached by 2018/2019.

U.S. Rig Count is down 4 rigs from last week to 767, with oil rigs up 2 to 574, and gas rigs down 6 to 193. U.S. Rig Count is down 1,161 rigs from last year at 1,928, with oil rigs down 1,004, and gas rigs down 157. The U.S. Offshore rig count is 33, up 1 rig from last week, and down 19 rigs year over year.

Tankers carrying nearly 20 million barrels of Iraqi oil are due to sail to the United States in November, almost 40 percent above the amount booked to arrive in October. At an average rate of more than 660,000 barrels per day (bpd), it would be the largest monthly import since mid-2012, according to U.S. data.

Crude oil production in December from seven major US shale plays is expected to drop 118,000 b/d to 4.95 million b/d.

This decision will cost thousands of jobs and is an assault to American workers. It’s politics at its worst.

U.S. Rig Count is down 4 rigs from last week to 771, with oil rigs down 6 to 572, and gas rigs up 2 to 199. U.S. Rig Count is down 1,154 rigs from last year at 1,925, with oil rigs down 996, gas rigs down 157, and miscellaneous rigs down 1 rig. The U.S. Offshore rig count is 32, down 1 rig from last week, and down 21 rigs year over year.

The regulators gave a negative classification to $372.6 billion out of $3.9 trillion in loans impacted by the review, or 9.5 percent of the loans. Classified loans increased 9.4 percent from a year ago.

Fossil fuels provide more than 80 percent of the energy Americans use every day, according to the Energy Information Administration. The government’s own estimates show that we will need oil and natural gas for decades to come and it’s a critical part of an all-of-the-above energy strategy that makes our country strong.

Long term, US LNG, will be cheaper on a cost basis than LNG from most of the rest of the world, according to Kimball Chen, Chairman, Energy Transportation Group.