U.S. CONTINUES TO HEW
API urged leaders to use the proven results of America's market-driven model for addressing climate challenges during an upcoming conference in Paris.
"America's private sector has already taken the lead on reducing greenhouse gas emissions, even as we increase economic activity and domestic energy production to keep energy reliable and affordable for consumers," said API President and CEO Jack Gerard during a conference call Monday with reporters. "Our success is driven, not by government mandate or legislative fiat, but through innovation, investment and entrepreneurial spirit."
Gerard shared a new analysis by API, which demonstrates how the United States has become the world leader in reducing carbon dioxide emissions. He also cited EPA data showing that methane emissions are plummeting, with the largest reductions coming from hydraulically fractured natural gas wells.
"The fact is that the nation's 21st century energy renaissance, which has made domestically produced natural gas cheap and abundant, has helped us achieve substantial and sustained emissions reductions without command and control style regulatory intervention," said Gerard. "By contrast, the administration continues to hew to last century's thinking that increased energy production and achieving climate goals are mutually exclusive, pursuing costly government mandates to detriment of the American consumer and our economy.
"Where other nations have pledges, we have progress and results. America's market-driven success should be the model for the Paris conference. As the president and his advisers work on a climate deal, they should keep consumers and our economy at the forefront."
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 625 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 25 million Americans.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.