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US production a 'game changer' in oil market: API

Oil prices extended losses on Tuesday amid the Saudi-Iran diplomatic row as worries about global oversupplies trumped concerns about a potential impact on Middle East oil producersThe United States now is the world’s number one crude-oil producer and is “poised to remain a dominant global player, something that was unseen just a decade ago,” said Jack Gerard, president and chief executive of the American Petroleum Institute, in an annual speech outlining the state of the industry. Citing experts, Gerard noted that price behavior would have been “much different” years ago in response to conflict in the oil-rich region. Gerard accused President Barack Obama’s administration of burdening the oil and natural gas industry with regulations –“almost 100 pending regulations and counting” — that could hinder the president’s goal of improving the environment.

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