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BP presents 2016 energy market data to Galveston Regional Chamber of Commerce
by Ruth Ann Ruiz
Thursday, August 24, 2017

Galveston Regional Chamber of CommerceMark Finley, General Manager, Global Markets and US Economics, BP at a breakfast hosted by Galveston Regional Chamber of Commerce on Tuesday, presented 2016 energy market data.  U.S. Congressman for Texas’ 14th District, Randy Weber, was among the guests attending the meeting.

GRCC chair Bix Rathburn, Ph.D. opened the meeting, thanking BP for providing the program and guest speaker. Congressman Weber spoke, praising the people of District 14 for their support of the energy industry.

Finley stated that U.S. oil production is now up from 2016 and oil remains the dominate energy source in the world, according to the data presented. However, based on the data there are some long-term structural changes happening in the energy industry. 

U.S. energy saw a mere 1% growth in 2016. Finley pointed to the light fixtures above him and said, “We are using energy more efficiently. Government regulations and industry standards have helped shape the more efficient use of energy.” 

Liquid natural gas is on the upswing world-wide. New technology has allowed small nations such as Jamaica to use LNG. The availability of LNG has helped drive down the price of oil sold by Russia to smaller European nations.  

The data presented also showed that the U.S. has had a decade-long decline in CO2 emissions. This is due to the efficient use of energy and less use of energy that produces CO2. Coal, a high CO2 producer, is on the decline.  

A question and answer session was conducted for audience members who wanted more information and clarification.

The event was held at The Tremont House Hotel in Galveston.

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