The powerful American Petroleum Institute said the upstream energy sector was in decline and it was restrictive regulations that were to blame. API estimated the number of oil and natural gas wells completed in the fourth quarter dropped 51 percent year-on-year. Hazem Arafa, director of statistics for the industry lobbying group, said growth in exploration and production was in part what sparked the U.S. shale boom that led to exponential increases in oil and gas production. “We can’t expect that growth to continue if our own outdated energy polices stand in the way,” he said in a statement. “Reducing unnecessary regulations and speeding up permitting on federal lands will help U.S. producers to compete effectively in the global market under the low-price […]