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API: New Tariffs Hurting U.S. LNG Industry, Consumers

The American Petroleum Institute (API) issued a statement in response to China’s increase of the retaliatory tariffs on $60 billion worth of U.S. products, including U.S. LNG.

“The U.S. and China have a natural supply-demand match when it comes to energy, but China’s increase of retaliatory tariffs to 25% poses a threat to U.S. investment in LNG by limiting our share in the world’s fastest growing LNG market,” said Stephen Comstock, API Director. “These retaliatory tariffs dampen the prospects for the growing U.S. LNG investment, hurt U.S. workers, and benefit America’s foreign competitors.

“Studies show that the U.S.-China trade dispute is hurting U.S. economy and consumers. We urge both negotiating parties to quickly implement a comprehensive trade deal that would eliminate these damaging tariffs, so that American businesses and families can stop paying for this trade war.”


U.S. Energy Consumption, Production, Exports Reach Highs

The U.S. produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads. At the same time, U.S. energy exports increased 18% to a record high of 21 quads in 2018, reducing net energy imports into the U.S. to a 54-year low of 4 quads, or less than 4% of U.S. energy consumption.

Renewables Surpass Coal for First Time in U.S.

In April of 2019, for the first time ever, the renewable energy sector (hydro, biomass, wind, solar and geothermal) is projected to generate more electricity than coal-fired plants, which totals about 240 GW of still-operating capacity. According to analysis by the Institute for Energy Economics and Financial Analysis, renewables may even top coal through the month of May as well.

BP Approves Thunder Horse Expansion in Gulf

BP has sanctioned development of the Thunder Horse South Expansion Phase 2 project in the deepwater Gulf of Mexico. The project will further boost output at one of the largest oil fields in the Gulf of Mexico and marks BP’s latest major investment in the U.S. offshore region.

The project is expected to add an estimated 50,000 gross barrels of oil equivalent per day (boe/d) of production at its peak at the existing Thunder Horse platform, with first oil expected in 2021.

This upstream major project will add two new subsea production units roughly two miles to the south of the existing Thunder Horse platform with two new production wells in the near term. Eventually eight wells will be drilled as part of the overall development.

ExxonMobil Investing $2 Billion in Baytown Expansion

ExxonMobil will proceed with a $2 billion investment to expand its Baytown, TX chemical plant. The Baytown expansion is in addition to the company’s 2017 Growing the Gulf initiative, which outlined plans to build and expand manufacturing facilities along the U.S. Gulf Coast, creating more than 45,000 high-paying jobs across the region.

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