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On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that profits in the raw materials manufacturing sector grew rapidly. From January to May, profits of enterprises above designated size in the raw materials manufacturing sector increased by 83.1% year-on-year, contributing 10.2 percentage points to the overall profit growth of industrial enterprises above designated size. By industry, driven by increased demand from emerging industries such as new energy and artificial intelligence, prices of products such as copper and aluminum remained at high levels, pushing profits in the non-ferrous metals industry to increase by 117.1%, contributing 5.3 percentage points to the overall profit growth of industrial enterprises above designated size. Driven by rising prices of products related to the petroleum industry chain, the petroleum processing industry turned a profit year-on-year, and the chemical industry saw a profit increase of 71.6%.On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that the profits of high-tech manufacturing maintained double-digit growth. From January to May, the profits of large-scale high-tech manufacturing enterprises increased by 44.7% year-on-year, contributing 8.0 percentage points to the overall profit growth of large-scale industrial enterprises, demonstrating its continued leading role. By industry, the semiconductor industry chain performed well. In electronic device manufacturing, the profits of optoelectronic device manufacturing and semiconductor discrete device manufacturing increased by 53.8% and 40.6% respectively; in electronic component and electronic special material manufacturing, the profits of electronic special material manufacturing and electronic circuit manufacturing increased by 665.4% and 19.7% respectively. The medical equipment and related industries saw rapid profit growth, with the profits of dental equipment and instruments manufacturing and hygiene materials and medical supplies manufacturing increasing by 26.4% and 23.2% respectively.Chinas industrial profits rose 21.1% year-on-year in May, up from 24.70% in the previous month.Chinas year-to-date profits for major industrial enterprises rose 18.8% in May, up from 18.20% in May.On June 27, following the US militarys airstrikes against Iran on June 26, US Vice President Vance stated that if Iran resorts to violence, it will face a military response. Vance posted on social media that day: "Iran signed a ceasefire agreement, and we have honored it. If they have objections to how the memorandum of understanding is being implemented, they can communicate directly by phone. But if violence is used, it will be met with a military response." Earlier on June 26, the US Central Command issued a statement saying that the US military launched strikes against Iran that day in response to the attack on a merchant ship transiting the Strait of Hormuz the previous day.

U.S. Tries to Prevent Methane Flaring And Leakage on Public Lands

Skylar Williams

Nov 29, 2022 11:53

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The administration of President Joe Biden issued recommendations on Monday to decrease methane leaks from oil and gas production on public lands, the most recent attempt by the federal government to cut emissions of the potent greenhouse gas.


The strategy accompanies the new regulations proposed by the United States government for the industry on private property. It would set monthly restrictions on flaring and require oil and gas firms to develop methane leak detection techniques for operations on federal lands, where around 10 percent of U.S. oil and natural gas production takes place, primarily in Western states.


According to the U.S. Bureau of Land Management, the limits will minimize gas waste and raise tax revenue.


In a statement, BLM Director Tracy Stone-Manning said, "This proposed rule is a straightforward, environmentally responsible approach to addressing the harm caused by wasted natural gas."


The major component of natural gas, methane, has a tendency to escape from drilling sites and pipelines. Over a 20-year period, it is roughly 80 times more efficient than carbon dioxide at trapping heat.


The Interior Department reported that production-related venting and flaring on public lands has increased considerably over the past few decades.


Flaring, or the purposeful burning of gas produced as an oil byproduct, generates carbon dioxide, whereas venting emits unburned methane. When oil drillers lack the pipes necessary to bring gas to market, or when gas prices are too low to justify transporting it, the gas is frequently flared or vented.


Under the proposed law, each application for a drilling permit would be required to provide a plan detailing how it will prevent methane waste. If the BLM judges the plan inadequate, it may refuse the permit application.


The Environmental Protection Agency, which has been formulating its own guidelines, should be in charge of federal methane management, according to a group representing the oil and gas industry.


According to Mallori Miller, vice president of government relations for the Independent Petroleum Association of America, there are several reasons to vent and flare gas, including safety concerns and connection challenges, and the issue is not as basic as this law portrays. When possible, it is always in a producer's best advantage to capture and sell a product on the market.


The new limits are the consequence of years of litigation over methane regulations enacted by the Obama administration. BLM said that its regulation focussed on waste prevention, a domain in which it has clear legal authority.


The adoption of the restrictions would cost oil and gas companies around $122 million per year, but they will recoup $55 million per year in gas. The BLM predicts that royalties on this gas will increase by $39 million per year.


The deputy director of the Center for Western Priorities, Aaron Weiss, remarked in an email, "There is no excuse for oil and gas companies to waste a publicly owned resource, much less a strong greenhouse gas like methane."