Banaszak_GICPhilly_091006

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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