The largest US trade association for the oil and natural gas industry hails the beginning of “energy renaissance” in the country, yet warning policies by US President Donald Trump could disrupt it.
The American Petroleum Institute (API) released an analysis Thursday, announcing a new record in the country’s crude oil and natural gas production in June.
#Steel tariff exclusion rulings harm American consumers by denying critical needs of the #naturalgas and #oil industry. https://t.co/a02v2QWb3v pic.twitter.com/eihJE4t5wf
— API (@API_News) July 17, 2018
Still, the sector might not thrive and that due to tariffs placed on steel and iron imports by the president, the API suggested.
“For the energy renaissance to continue, the US natural gas and oil industry critically needs policies that advance energy infrastructure around the country as well as the access of US energy to global markets,” the association said in its statement.
Steel tariff exclusion rulings hurt American workers and lack transparent process https://t.co/cNmeQcBr2K pic.twitter.com/M8emCoxcgz
— API (@API_News) July 13, 2018
According to the analysis, production of natural gas hit 4 million barrels per day while production of crude topped 10.7 million barrels per day.
“US oil production has supplied all of the growth in global oil demand so far this year and helped compensate for production losses in some OPEC nations,” the API said. “With continued increases in drilling activity, the US is poised for further production increases in natural gas and oil.”
Despite having imposed the tariffs, President Trump took the opportunity at his NATO meetings in the EU de facto capital Brussels last week to market the US oil and natural gas exports.