ConocoPhillips and the China National Offshore Oil Corp. (CNOOC) have reached an agreement with China's Ministry of Agriculture to resolve issues related to the June 2011 incidents at the Peng Lai 19-3 field in Bohai Bay.
The American Petroleum Institute says that with right policy changes, administration support for energy development could be a needed course correction.
Energy Information Administration energy projections show need for policy changes, according to the American Petroleum Institute.