President Donald Trump reiterated that the United States will be withdrawing from the Paris Climate Agreement, praising soaring U.S. oil and gas production at the same time.
"I withdrew the United States from the terrible, one-sided Paris Climate Accord," President Trump said at the 9th Annual Shale Insight Conference in Pittsburgh on Wednesday, less than two weeks before the United States can formally begin the process to pull out of the climate agreement on November 4.
This day is the earliest date on which the U.S. can submit a formal letter to the United Nations to begin the process of withdrawal, which would be completed one year after that, right around the time of the 2020 presidential election.
"The Paris Accord would've been shutting down American producers with excessive regulatory restrictions like you would not believe, while allowing foreign producers to pollute with impunity," President Trump said at the Pittsburgh conference, touting America's air and water as ones of the cleanest on earth.
"And, you know, as I said before, we're now number one, not by a little bit, but by far. Way ahead of Saudi Arabia. Way ahead of Russia. But we can do even much better than that," the U.S. President added, referring to U.S. oil production.
Petroleum and natural gas production in the United States jumped by 16 percent and 12 percent, respectively, in 2018, setting new production records and placing the United States as the world's single largest producer of oil and natural gas, EIA has estimated. Related: Two Dead Following ISIS Attack On Iraqi Oil Field
Although the Trump Administration will soon formally begin the withdrawal from the global climate agreement, cities, states, and businesses continue to pledge emissions reduction through organizations such as America's Pledge and We Are Still In. Across America, 24 states have committed to upholding the U.S. commitment to the Paris Accord of reducing emissions 26 to 28 percent below 2005 levels by 2025.
The Trump Administration's intent to start the withdrawal process drew criticism from the Center for American Progress, whose president and CEO Neera Tanden said:
"Instead of projecting strength, this action weakens America on the world stage and cedes leadership on climate change and other challenges of our time to countries like Russia and China."
By Tsvetana Paraskova for Oilprice.com
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Comments
Russia with a production of 11.3 million barrels a day (mbd) is the world’s largest crude oil producer, followed by the United States at 11.10 mbd and Saudi Arabia at 9.75 mbd.
Though the EIA claims production at 12.10 mbd for this year, this figure is highly inflated by at least 1 mbd. In 2018 US oil production averaged 10.961 mbd according to the authoritative 2019 OPEC Annual Statistical Bulletin. Between January and July this year, US shale oil production added only 140,000 barrels a day (b/d) over 2018. By adding 140,000 b/d to the 2018 oil production of 10.961 we come to a figure of 11.10 mbd for US oil production in 2019.
President Trump’s withdrawal from the Paris Climate Agreement is a blunder not dissimilar in its global implications to his other blunder of withdrawing the US from the nuclear deal with Iran. One major consolation is that across America, 24 states have committed to upholding the U.S. commitment to the Paris Accord.
Another major consolation is that the abundance of cheap US shale gas has caused a major shift in the United States from coal to gas thus helping the country reduce its pollution footprint.
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London
If Gretta Thurnberg wants to run energy policy and development of the US and bear real responsibility for really lost (or newly-found) childhoods, then by all means - sign the Paris Agreement. Before that this tantrum of hysterics, pretty much represented by Paris agreement, is of no help at all to the modernization and development of energy sector.
If anyone wants to fight over-reliance on oil (and this replacement is going on in the US without any Paris Agreements), let him buy more shares of hydrogen fuel-cells companies. I'd advise Gretta to do the same: invest in Bloom Energy or Ballard Power Systems - that will help much more to the green transition
Also, while i support an effort to solve the carbon problem, the Paris Accord is so one sided as it allows other countries to produce whatever they want, while the US is penalize, no country is ever going to sign an agreement like this. Trump has said he would be willing to negotiate a different agreement yet no one brings this up.
Why is no one bringing up the topic of deforestation is contributing to the carbon problem, yet not less than 3 months a scientific study has been published stating a solution exists to significantly reduce the carbon problem, by planting a trillion trees. A project has already planted 350 million trees, so the possibility of planting a trillion is possible and the cost is by far the lowest cost of any other solution brought up. Instead of complaining about Trump, why don't your organizations get behind this study that was shown on ABC News on July 5th of this year.
On the Iran deal, sending $1.5 billion in cash to Iran was silly, plus the terms were ridiculous, this is what happens when politician try to make a name for themselves instead of using business sense to negotiate a rational agreement. Again, Trump was willing to negotiate some other agreement, but no one has initiated this as yet.
Quit complaining about Trump, he will either be re-elected or not, and the same problems will still be here!!!