America’s Oil and Natural Gas Industry
The Policy and Business of Oil and Natural Gas Sara Banaszak, Senior Economist American Petroleum Institute 1 banaszaks@api.org
Overview The economy has driven big changes
Fundamentals (note, technology change) Policies big and small Economic and business implications 2
Studies to touch on (PWC) http://www.api.org/Newsroom/industry-supports.cfm
• Past: ULSD – past; finishing; extensions in distillates • Fracking
http://www.api.org/Newsroom/hf-rules-usecon.cfm • Climate: ensys refinery study; cra (?) • Access http://www.api.org/Newsroom/icf_study.cfm
Some background
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History of MMS Oil Assessments
• Why nothing
ICF International study available at www.api.org
Highway, non-road diesel timelines 2006
Highway
2007
2008
2009
2010
2011
2012
2013
2014
15 ppm (100%)*
15 ppm (80%)
Non-Road (NR) (Farm/construction)
500 ppm
Locomotive & Marine (LM)
15 ppm*
500 ppm
15 ppm
NR & LM Small refiner or w/credits
5,000 ppm
500 ppm
15 ppm
(& exceptions)
* Phased in beginning with refineries on June 1 st for each.
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