AFPM Responds to President Obama's Final State of the Union Address
WASHINGTON, Jan. 13, 2016 (GLOBE NEWSWIRE) -- American Fuel & Petrochemical Manufacturers (AFPM) President Chet Thompson released the following statement in response to President Obama's State of the Union address:
"Last night President Obama touted the significant improvements to the economy that have occurred over the last seven years. We agree that there is a lot to be proud of, but what the president failed to mention is that much of the economic improvement can be traced directly to oil and natural gas, refining and petrochemical industries and the domestic manufacturing renaissance they spurred. On one hand, he tried to reassure the American public about economic progress, on the other he promoted anti-fossil fuel policies that attack the most efficient and affordable energy sources that will continue to be our future for generations. The policies the president advocates will require Americans struggling from paycheck-to-paycheck to unnecessarily spend more of their hard earned dollars on energy, often at the expense of other necessities.
"The innovative efforts of domestic oil and gas producers, refiners and petrochemical manufacturers resurrected our economy, brought millions of high-paying manufacturing jobs back to our country, and reshaped global commerce.
"Oil, natural gas and the products manufactured from these treasured resources have lifted hundreds of millions out of poverty and made life better for billions of people around the planet. They have increased our lifespan, enabled mass transportation and manufacturing gains, and are essential to all of life's necessities, including shelter, heat, food, healthcare and clothing. I hope that in the waning days of this administration, the president carefully considers the ramifications of depriving the world of fossil fuels and the many benefits they bring to the modern world."
(January 13, 2016 - 11:54 AM EST)
Hedging programs that E&Ps have in place in 2016 vary considerably. The chart below shows the range of oil and gas production for several E&Ps covered by hedging contracts. Pioneer Natural Resources (ticker: PXD) and Cimarex Energy (ticker: XEC) have hedged the largest portions of their remaining production at 85/75 and 80/90 percent, respectively, for oil and gas. This chart[Read More…]
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