11/26/2008
API President Jack Gerard statement: "Re-imposition of offshore leasing moratoria would be a giant step backwards."
WASHINGTON – The American Petroleum Institute today issued the following statement from API President and CEO Jack Gerard regarding the “Transition to Green” report issued by 29 environmental groups calling for the reinstatement of the offshore drilling moratoria:

“Re-imposition of offshore leasing moratoria would be a giant step backwards in meeting U.S. energy challenges. We cannot solve our economic problems by making our energy problems worse. The U.S. oil and natural gas industry is committed to working with the new administration and Congress to help restore our economic strength and ensure that we have a secure energy future.

“The American people have shown overwhelming support for increased domestic oil and natural gas development.  Election Day exit polls found two-thirds of voters favored offshore drilling where it is not currently allowed.

“The economic crisis makes the development of oil and natural gas resources more urgent than ever. The U.S. oil and natural gas industry supports approximately 6 million jobs – 1.8 million people directly employed by the industry, with more than 4 million indirect jobs. Expanded access creates more well-paying job opportunities. In addition, oil and natural gas development on federal lands, both onshore and offshore, means billions of dollars for the U.S. Treasury and state governments in royalties, bonus bids, rentals severance taxes, corporate income taxes and property taxes.”

Judy Penniman | 202-682-8025 | pennimanj@api.org

11/20/2008
API President Jack Gerard issues statement regarding states receiving record payments from energy production
WASHINGTON – The American Petroleum Institute today issued the following statement from API President and CEO Jack Gerard following the announcement by Interior Secretary Dirk Kempthorne that states received record payments of $23.4 billion in fiscal year 2008 for their share of revenue from energy production on federal lands within their borders and federal offshore areas adjacent to their shores:

“These record payments demonstrate the importance of domestic oil and natural gas to our nation’s economy. According to Secretary Kempthorne, more than $10 billion dollars came from bonus bids paid by oil and natural gas companies to lease tracts for offshore energy exploration on the Outer Continental Shelf in the Gulf of Mexico and Alaska. These revenues are only a fraction of the economic benefits states receive from oil and natural gas development. This development also provides well-paying jobs and a big boost to the local economies in the form of increased retail sales and other business opportunities. Imagine how much more revenue and jobs could be generated for the benefit of all Americans if Congress and the Obama administration listen to the American people and put America’s vast oil and natural gas resources, including those that had been subject to a federal moratoria, to good use to strengthen our nation’s economy and energy security. Given what we know about our nation’s potential resources, total royalties that could be collected over the life of all our nation’s resources could reach $880 billion.”

Karen Matusic | 202.682.8118 | matusick@api.org  

11/19/2008
U.S. petroleum demand-reduction rate largest since early 1980s: API
WASHINGTON – Total U.S. petroleum deliveries, which dropped more than 4 percent in October, have fallen 5 percent from January through October, a rate not seen since the early 1980s. According to API’s Monthly Statistical Report, total domestic deliveries, a measure of demand, averaged just 19.6 million barrels per day in the January-to-October period, the lowest since 2000. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for August 2008 (latest available).

11/18/2008
API statement on Hoyer OCS ban remarks
WASHINGTON – The American Petroleum Institute today issued the following statement:

“We believe the position outlined to news reporters by House Majority Leader Steny Hoyer – that the Democratic leadership would not seek to re-impose the ban on oil and natural gas leasing in federal waters – is the right approach. The American public has made clear its strong support for increased access to untapped domestic oil and natural gas resources. At least two-thirds of Americans in recent exit polling said they supported offshore drilling. Neither Congress nor the next administration should set unreasonable, arbitrary limits on leasing because such restrictions could remove some of the nation’s most promising oil and natural gas prospects for development, and the industry has proven it can develop these resources in an environmentally safe manner. The industry stands ready to help put America’s vast energy resources to good use to strengthen our nation’s economy and energy security, generate billions of dollars for the benefit of our federal and state treasuries and provide good jobs for Americans across the country.”

Cathy Landry | 202.682.8122 | landryc@api.org  

11/18/2008
API President Jack Gerard's Letter to Congress on API's continued commitment to work with new administration
As the new president and chief executive officer of the American Petroleum Institute, I want to pledge API’s continued commitment to work with the Congress to ensure future energy security and economic prosperity for the United States.

 Letter to Congress
Size: 84 KB | Date: November 18, 2008 | License: Free

11/12/2008
API welcomes government work on offshore Virginia leasing
WASHINGTON – The American Petroleum Institute today issued the following statement from API President and CEO Jack Gerard:

“America’s oil and natural gas industry welcomes the action today by the Minerals Management Service to begin a public comment period and a thorough environmental assessment ahead of offering offshore Virginia oil and natural gas leases. The American public has made clear its strong support for increased access to untapped domestic oil and natural gas resources; a full 70 percent of Virginians in July supported increased access. The industry stands ready to help put America’s vast energy resources to good use to strengthen our nation’s economy and energy security, generate billions of dollars for the benefit of our federal and state treasuries and provide good jobs for Americans across the country. The industry has proven it can develop these resources in an environmentally safe manner. With energy consumption expected to grow in the coming decades, America needs access to its untapped domestic resources. Beginning the process of leasing offshore Virginia is a good start.”

Cathy Landry | 202.682.8122 | landryc@api.org  

11/12/2008
IEA warning underscores need to develop U.S. oil, natural gas - API
WASHINGTON – The American Petroleum Institute today issued the following statement regarding the International Energy Agency report:

“The report issued today by the International Energy Agency (IEA) underscores the pressing need to do all we can in the United States to develop our own oil and natural gas resources. The new administration and Congress should not re-impose the ban on U.S. oil and natural gas development or otherwise set restrictions that would keep off-limits some of our nation’s most promising resources. The IEA warned in its World Energy Outlook that some 30 million barrels per day of new global crude oil capacity is needed by 2015 or the world runs the risk of a ‘supply crunch that could choke economic recovery ’. The U.S. oil and natural gas industry is ready and able to put our skilled employees and state-of-the-art technology to good use developing America’s oil and natural gas resources for the benefit of consumers, strengthening our nation’s economy and energy security and providing good jobs for Americans.”

Karen Matusic | 202.682.8118 | matusick@api.org

11/05/2008
U.S. oil, natural gas industry ready to work with new administration
WASHINGTON – The American Petroleum Institute today issued the following statement from API President and CEO Jack Gerard:

“America’s oil and natural gas industry looks forward to working with President-elect Barack Obama and Congress to deliver a comprehensive and realistic energy policy that encourages development of all domestic energy sources, including oil and natural gas, for the benefit of consumers. The American people have spoken loud and clear that they want politicians to put aside partisan bickering and get to work on meaningful energy policy that contributes to economic stability. The oil and natural gas industry stands ready to help put America’s vast energy resources to good use, strengthening our nation’s economy and energy security and providing good jobs for Americans across the country.”

Karen Matusic | 202.682.8118 | matusick@api.org  

10/20/2008
API elects Devon’s Larry Nichols as chairman; Jack Gerard named president and CEO
SCOTTSDALE, Arizona – The API Board of Directors on Monday elected J. Larry Nichols, chairman and chief executive officer of Devon Energy Corporation, as chairman of API’s board, effective Jan. 1, 2009. The board also approved Jack N. Gerard as the new president and chief executive officer of API, effective Nov. 1.

10/15/2008
Hurricanes cut production and consumption, API report shows
WASHINGTON – Total U.S. petroleum deliveries (a measure of demand) fell substantially for September and for the third quarter 2008 as Gulf Coast storms depressed offshore production and refinery output.  Inventories of crude and most products also fell. According to API’s Monthly Statistical Report, total petroleum deliveries for the third quarter were down 5.2 percent from third-quarter 2007.  For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for July 2008 (latest available).

10/10/2008
US Q3 oil drilling activity up 34 percent from year ago – API
WASHINGTON – The U.S. exploration and production industry’s drilling activity continues to outpace last year’s levels and is nearly twice the level seen in the 1990s, according to API’s third quarter 2008 drilling estimates.

10/01/2008
Cavaney named ConocoPhillips’ senior vice president, Government and Public Affairs
Red Cavaney, who will retire from his position as president and chief executive officer of API on October 31, 2008, will become senior vice president, Government & Public Affairs of ConocoPhillips in November 2008. See complete ConocoPhillips news release: ConocoPhillips Announces Senior Management Changes.

9/29/2008
API President and CEO Red Cavaney’s statement to Congress urges “sound energy policy” after lifting of drilling moratoria
WASHINGTON – In letter to members of Congress, API President and CEO Red Cavaney stated that if the right actions are taken in moving forward, it will mean more ample and secure energy supplies for the American people, more U.S. jobs, and less reliance on imported oil.  If the United States doesn’t take steps to control its energy destiny, it puts at risk a better future for current and future generations. Large domestic supplies of oil and natural gas are critical to our energy future.

9/29/2008
API statement on lifting drilling moratoria
WASHINGTON – API today issued the following statement: “Lifting the decades-old ban on oil and natural gas drilling is good news for the millions of American consumers who are calling for the ban to be lifted, but it is only the first step. Congress should avoid re-imposing this ban or any other obstacles to U.S. oil and natural gas resources. The federal government should finish up the work necessary to allow the oil and natural gas industry to get production flowing because the faster we move, the faster Americans enjoy the benefits of more domestic oil and natural gas supplies, new jobs and a boost to the economy.”

9/19/2008
API statement on oil and natural gas Industry’s offshore environmental record
View the statement of Doug Morris, Group Director for Upstream and Industry Operations, American Petroleum Institute, at the Senate Republican Conference’s Offshore Energy Production Hearing.

9/17/2008
U.S. oil demand and prices slip in August
WASHINGTON – August oil product deliveries (a measure of demand) fell 3.0 percent from a year ago even as prices for gasoline, diesel and other products were declining, according to Monthly Statistical Report.  For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for June 2008 (latest available).

9/16/2008
API: House energy bill a “dry hole” for U.S. consumers
API has issued the following statement on the House energy bill under discussion today:  “The House energy bill is a dry hole for American consumers. The bill does little to increase U.S. oil and natural gas supplies and, in fact, may well result in less domestic production, which would make America more dependent on foreign energy. More>

9/15/2008
API President and CEO Red Cavaney’s statement on hurricane recovery
The nation’s oil and natural gas industry is working diligently to get the energy infrastructure in the Gulf Coast region restarted and running at normal capacity. The industry is building on lessons learned from Hurricanes Katrina and Rita and using our know-how to deal effectively with disasters like Hurricane Ike.

9/15/2008
Video: Oil and Natural Gas Industry Response to Hurricane Ike
API President and CEO Red Cavaney summarizes the oil and natural gas industry’s recovery efforts following Hurricane Ike. View video of press conference.

9/12/2008
Red Cavaney tells Congress of his concerns about proposed energy bills
In letters to members of the Senate and House leadership, API President and CEO Red Cavaney said the oil and natural gas industry has “grave concerns” about the potential effects of separate energy bills proposed in each chamber. Cavaney warned the legislation would do little to increase U.S. supplies of oil and natural gas. “In fact, (the proposals) may well result in less domestic production and increased dependence on foreign oil,” Cavaney wrote in a letter addressed to House Speaker Nancy Pelosi. “By denying states a fair share of revenues, including royalty payments, the Democratic leadership bill removes an important incentive for states to open up to drilling. New, punitive taxes and higher fees targeting the oil and natural gas industry could push investment overseas, reducing U.S. production, U.S. jobs and U.S. revenues.”

 Text of Cavaney Letter to Senate
Size: 273 KB | Date: September 12, 2008 | License: Free

 Text of Cavaney Letter to House of Representatives Speaker Nancy Pelosi
Size: 683 KB | Date: September 12, 2008 | License: Free

09/12/2008
API comments on GAO report on U.S. oil, natural gas royalty regime
WASHINGTON - API issued a statement on the September 12 Government Accountability Office (GAO) report on the U.S. oil and natural gas royalty regime.

8/28/2008
API lawsuit seeks equal treatment for Alaska in interim rule
WASHINGTON – API today issued a statement regarding the suit it filed in U.S. District Court for the District of Columbia.

8/25/2008
API comments on Pelosi royalty remarks
WASHINGTON – API has issued a statement on U.S. House Speaker Nancy Pelosi’s remarks August 24 on Meet the Press that “Big Oil” was “not paying royalties to the taxpayer” for production on federal lands and Outer Continental Shelf waters.

8/14/2008
API President addresses the "Group of 10" Proposed Energy Plan in letter to Senate
WASHINGTON – In a letter to senators on August 13, API President and CEO Red Cavaney expressed opposition to an energy proposal set out by the “Group of 10” senators earlier in August, saying the approach “falls far short” of what is needed to address the nation’s energy challenges. Cavaney noted that the proposal’s approach to access to federal oil and natural gas resources was “far too limited in its scope” and said the imposition of at least $30 billion in new taxes on the oil and natural gas industry would have the effect of limiting needed oil and gas investment. “These measures create an environment that will virtually assure a future with less, not more, domestic production,” Cavaney said.

8/13/2008
U.S. oil demand at five-year low
WASHINGTON – For the first seven months of 2008, U.S. oil demand declined to a five-year low compared with the same period in previous years, API said today in its Monthly Statistical Report.  For the January-through-July period, total petroleum deliveries (a measure of demand) fell 3.6 percent from a year ago while gasoline deliveries declined more than 2 percent. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for May 2008 (latest available).

7/31/2008
API Names 2008 Gold Medal Recipient
James F. Justiss Jr., the president and chairman of Justiss Oil Company Inc., is the recipient of the API 2008 Gold Medal for Distinguished Achievement. The award, API’s highest honor, recognizes leaders who have made substantial contributions to the oil and natural gas industry throughout their careers.

7/18/2008
U.S. oil demand drops in first half of 2008
WASHINGTON – U.S. oil demand was significantly down for the first six months of 2008, API said today in its Monthly Statistical Report.  While U.S. refiners churned out record and near-record amounts of oil products, imports – especially product imports -- fell substantially.  According to API’s Monthly Statistical Report, year-to-date oil demand continues to lag behind 2007 levels. U.S. oil deliveries from January through June 2008 averaged 20.08 million barrels per day, 3.0 percent below the first six months of 2007. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for April 2008 (latest available).

7/16/2008
API President and CEO Red Cavaney addresses the USEA Energy Supply Forum
API president and CEO Red Cavaney explains that, "if we, in the United States do get our energy house in order in meeting our energy needs here at home and enhancing our energy relationships throughout the world, we will abdicate our leadership in global energy.  Rather than being one of the drivers of global energy development, we will be increasingly driven by those developments."

7/15/2008
U.S. Q2 exploratory drilling activity up 53 percent from year ago
WASHINGTON – It is estimated that U.S. oil and natural gas companies completed over 50 percent more exploratory wells in the second quarter of 2008 than they did in the corresponding period a year ago, as the industry continues to boost activity in the exploration and production sector, according to API’s second-quarter drilling estimates.

7/14/2008
API comments on lifting of the presidential drilling ban
WASHINGTON – API has issued the following statement on President Bush lifting the “presidential withdrawal” prohibiting leasing off the East and West coasts and a portion of the eastern Gulf of Mexico.

06/26/2008
Access critical to addressing U.S. energy challenges: Cavaney
WASHINGTON – In a letter to Congress before the 4th of July holiday week, API President and CEO Red Cavaney talked about the impact of high prices on U.S. product deliveries, noting they were down “for the January-May period for the first time since 1991.” He said that strong world demand for crude oil was nonetheless keeping upward pressure on prices and that it was important to supply more of the oil and natural gas we consume from resources we could be developing here at home. “Our nation,” he concluded, “needs a much stronger commitment to energy efficiency, as well as all the economically viable energy that can be provided in an environmentally sound manner. There are no simple, quick solutions to our energy challenges, but bipartisan cooperation, in concert with industry and other stakeholders, can make a stronger energy future possible.”

06/20/2008
"Idle" lease claims based on lack of understanding: Cavaney 
WASHINGTON - In a letter to Congress, API President and CEO Red Cavaney said that proposed legislation that would deny new leases to oil and natural gas companies that have so-called "idle" leases would keep more of America's vast energy resources locked up underground and seriously harm the nation’s ability to produce sufficient energy to meet demand. Cavaney said these claims of “idle” leases are “based on a lack of understanding of the mechanics and due process involved in oil and natural gas exploration and production.”

06/20/2008
Exploring America's Energy Future
America needs a balanced, fact-based energy policy that promotes energy efficiency and conservation and greater supplies of all forms of energy, including domestic oil and natural gas. Congress must act to expand access to the abundant supplies of domestic oil and natural gas that have been off-limits to drilling for decades.

06/20/2008
Facts About Non-Producing Leases
See the latest claims and facts surrounding non-producing federal leases.

06/18/2008
U.S. May gasoline demand down 1.4 percent from year ago
WASHINGTON – U.S. gasoline demand in May, as measured by deliveries, fell 1.4 percent below year-ago levels, dragging year-to-date demand for gasoline down one percent, the first gasoline demand drop for the January-May period since 1991, API data show. According to API’s Monthly Statistical Report, year-to-date oil demand continues to lag behind 2007 levels. U.S. oil deliveries from January through May 2008 averaged 20.2 million barrels per day, 2.5 percent below the first five months of 2007. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for March 2008 (latest available).

06/05/2008
Red Cavaney announces retirement from API
WASHINGTON – Red Cavaney has announced his intent to retire and will step down November 1, 2008 as the President and Chief Executive Officer of the American Petroleum Institute (API).  Jack Gerard, who is President of the American Chemistry Council (ACC), has been selected as his successor. 

06/03/2008
Natural Gas Council study says Lieberman-Warner would increase demand for natural gas
WASHINGTON – A new report issued by the Natural Gas Council (NGC) estimates that the Lieberman-Warner climate change legislation would increase U.S. demand for natural gas. An API-commissioned study issued last month, which did not look at demand impacts, says the legislation would likely reduce U.S. natural gas production.

05/19/2008
API President addresses Forum Club of Palm Beaches
PALM BEACH - API President and CEO Red Cavaney told the Forum Club of the Palm Beaches that the U.S. could not meet its energy challenges if it did not understand the solutions to overcome those challenges. "We must recognize the critically important link between energy policy and investment. If oil and natural gas companies are to attract the investment they need to meet America’s energy needs, our nation must get its energy policy aligned with realities – that is essential to shaping a favorable climate that will attract investment," Cavaney said. "Our industry stands ready to play a constructive role with both government and consumers in developing an energy and climate change policy that ensures economic prosperity, jobs, and a secure energy future for both Florida and for our nation, in general."

05/14/2008
U.S. oil demand below year-ago despite slight rise in April
WASHINGTON – U.S. oil demand in April, as measured by deliveries of all petroleum products, rose a modest 0.2 percent over year-ago levels, the first time this year monthly demand averaged higher than the corresponding month in 2007, according to API’s Monthly Statistical Report. But year-to-date oil demand continues to lag behind 2007 levels. U.S. oil deliveries from January until April 2008 averaged 20.2 million barrels per day, 2.4 percent below the first four months of 2007. Despite rising prices, gasoline, distillate and residual fuel oil deliveries registered modest year-on-year increases in April while jet fuel demand posted another year-to-year decline. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for February 2008 (latest available).

05/07/2008
2006 drilling expenditures at all-time high at over $100 billion
WASHINGTON—Oil and natural gas industry spending on drilling and equipping wells in the United States surged again in 2006, hitting an all-time record high of nearly $110 billion. The 2006 Joint Association Survey on Drilling Costs (JAS) found that the industry spent 44 percent more in 2006—the most recent year for which data was available—to drill and equip wells in the U. S. than it did in 2005.

05/05/2008
Analysis: Bill could cut natural gas supply, outsource refining
WASHINGTON – Climate change legislation pending in Congress could significantly reduce clean-burning natural gas production and send refining production and jobs overseas at a time the nation needs more supplies of all energy sources, according to a report released by API.

The study, Addendum to Impact Assessment of Mandatory GHG Control Legislation on the Refining and Upstream Segments of the U.S. Petroleum Industry, was prepared by ICF International and commissioned by API, also estimates that the increased cost of fuel production could result in a shift, as of 2020, of an estimated three million barrels per day of U.S. refining production overseas. 

This study underscores the need for Congress to take a balanced approach to energy and climate change policy, API President and CEO Red Cavaney said. Cavaney said the oil and natural gas industry has been addressing the climate change issue through deep investments in alternative energy and emission mitigation technology and through energy efficiency operations in its own operations.

 Addendum to Impact Assessment of Mandatory GHG Control Legislation - Executive Summary
Size: 349 KB | Date: May 5, 2008 | License: Free

 Addendum to Impact Assessment of Mandatory GHG Control Legislation - Full Report
Size: 634 KB | Date: May 2008 | License: Free

05/05/2008
Oil and gas tops in greenhouse gas mitigation spending
$42 billion from 2000 to 2006 exceeds amount from all other industries
Washington, DC – A new report issued today shows the U.S. oil and natural gas industry invested about $42 billion in greenhouse gas emission mitigation technologies from 2000 to 2006. This represents 45 percent of an estimated $94 billion spent on these technologies by all U.S. industries and the federal government.

 Key Investments in Greenhouse Gas Mitigation Technologies by Energy Firms, Other Industry and the Federal Government
Size: 388 KB | Date: May 5 | License: Free

04/18/2008
US Q1 drilling, completion rate up 4 percent from year ago – API
WASHINGTON – Drilling activity continues to increase in the U.S. exploration and production industry, according to API’s first quarter 2008 drilling estimates that show drilling activity was twice the level of corresponding quarters during the 1990s.

04/16/2008
U.S. Q1 fuel demand down 1.4 percent from year ago - API
WASHINGTON – U.S. first quarter fuel demand, as measured by deliveries of petroleum products, was 1.4 percent below year-ago levels, the third straight quarter of year-on-year declines in the world’s largest oil consuming nation, according to API’s year-end Monthly Statistical Report. The API statistics showed that gasoline deliveries rose a modest 0.7 percent in the quarter, more than offset by a 1.8 percent drop in distillate deliveries, a 0.5 percent decline in jet fuel deliveries and a big 18.4 percent decline in residual fuel oil demand. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for January 2008 (latest available).

04/09/2008
Portland Pipe Line Corporation Wins API Safety and Environmental Performance Distinguished Award
WASHINGTON, April 9 – Today API awarded its 2007 Distinguished Award for Outstanding Safety and Environmental Performance to the Portland Pipe Line Corporation.  This is API’s highest safety and environmental performance award for pipeline operators.  Mark Hurley, President of Shell Pipeline and Chair of API’s Pipeline Committee, presented the award at API’s 59th annual Pipeline Conference in Orlando, Florida.

03/31/2008
API: Time for informed energy policies
WASHINGTON – High crude oil prices top a list of factors that have combined to produce high gasoline prices in today’s high-demand, tight supply world energy market. Even so, U.S. consumers and businesses have abundant supplies as the oil and natural gas industry continues to produce record amounts of fuels.

03/19/2008
U.S. fuel demand slips for February - API
WASHINGTON – Deliveries of all petroleum products in February – a measure of demand – slipped 1.3 percent from the same month one year ago, according to API’s Monthly Statistical Report. Gasoline and jet fuel deliveries rose but the increases were offset by declines in distillate fuel and residual fuel oil. The year-to-year demand increase for gasoline of 1.7 percent came despite retail gasoline selling at the highest nominal February prices ever. For more information, see also Petroleum Facts at a Glance  and Monthly Import Statistics for December 2007 (latest available).

03/13/2008
Senate proposal comes at worst time for consumers - API
WASHINGTON – API issued the following statement on Sen. Collins’ amendment to fund alternative energy with higher taxes on the U.S. oil and natural gas industry:

“With oil prices rising above $110 a barrel, Sen. Collins’ suggestion to pay for alternative fuel development by targeting the U.S. oil and natural gas industry could not come at a worse time for consumers. The bill would do nothing to alleviate the tight global crude oil supply-demand balance that contributes to high prices. Rather than encouraging new domestic oil and natural gas production, Sen. Collins’ proposal would further reduce our energy security by diverting money that could otherwise be used to make the substantial investments required to increase domestic oil and natural gas production. If adopted, the proposal would threaten U.S. jobs and penalize the millions of retirees and workers whose pension funds, IRAs and 401ks are invested in oil and natural gas company stock.

“Consumers would be adversely affected by tax policies that contribute to an already volatile  energy market in which oil prices have been driven higher by strong global demand, a weak U.S. dollar, tight spare production capacity, and rising geopolitical tensions.”

Karen Matusic | 202.682.8118 | matusick@api.org
Robert Dodge | 202.682.8127 | dodger@api.org

03/11/2008
API 2008 Basic Petroleum Data Book, First Edition Available
WASHINGTON – Orders are now being accepted for API’s 2008 Basic Petroleum Data Book (Volume 28, No. 1), first edition. The Data Book is a compendium of U.S. and international petroleum statistics beginning, in most instances, in 1947.  The Data Book contains historical data on worldwide oil and natural gas reserves, exploration and drilling, production, refining, transportation, historical prices, product demand, imports, exports and environmental information. A glossary and a source list (names and telephone numbers) are also included in the nearly 600-page book.

02/26/2008
House tax bill threatens U.S. energy security - API
WASHINGTON – API issued the following statement on proposed tax legislation in the House targeting the oil and natural gas industry:

“It is regrettable that the House is resurrecting an idea wisely rejected by Congress last year.  New taxes targeting the U.S. oil and natural gas industry will even further reduce our energy security by discouraging new domestic oil and natural gas production and refinery capacity expansions, and will tilt the competitive playing field for global energy resources against U.S. based companies. The discriminatory bill would discourage investment in domestic fuel production, hurt consumers, threaten U.S. jobs and penalize the millions of retirees and workers whose pension funds, IRAs and 401ks are invested in oil and natural gas company stock.

“U.S. oil and natural gas companies pay considerably more in taxes as a percentage of their income than do all U.S. manufacturing companies. According to the federal Energy Information Administration, in 2006, the top 27 energy producing companies paid more than $81 billion in income taxes (an 82 percent increase in just two years). Their 2006 income taxes, as a share of net income before income tax, averaged 40.7 percent compared to 22.1 percent for all U.S. manufacturing companies.”

Karen Matusic | 202.682.8118 | matusick@api.org

02/13/2008
U.S. fuel demand flat for January - API
WASHINGTON – Deliveries of all petroleum products in January – a measure of demand – were flat compared with deliveries for the same month one year ago. While both gasoline and distillate deliveries rose, the increases were offset by declines in both jet fuel and residual fuel oil deliveries. The year-to-year demand increase for gasoline of 1.6 percent came despite gasoline selling at the highest nominal January prices ever at over $3 per gallon, according to API’s Monthly Statistical Report. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for November 2007 (latest available).

02/12/2008
API President and CEO Red Cavaney’s Letter to Congress on Energy Tax Legislation
WASHINGTON - In a letter to Congress, API President and CEO Red Cavaney said energy tax legislation would hurt future U.S. energy security, impose a harmful tax increase on the economy and hurt millions of hard-working Americans whose retirement or private accounts are invested in publicly traded oil and natural gas companies. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for October 2007 (latest available).

 Red Cavaney Letter to Congress
Size: 33 KB | Date: February 12, 2008 | License: Free

02/06/2008
Chukchi sale step toward enhancing US energy security:API
WASHINGTON – “The Chukchi Sea lease sale is a welcome first step toward increasing much-needed energy supplies for U.S. consumers and the U.S. economy," API said in a statement.

01/24/2008
U.S. drilling, completion estimates hit 22-year high in 2007 
WASHINGTON – U.S. drilling estimates for 2007 show that oil and natural gas exploration remains robust as activity was twice the level recorded during the lows of the early to mid-1990s, API said.  Estimated natural gas drilling was at a record high, according to API’s 2007 Quarterly Well Completion Report.

01/17/2008
U.S. fuel production at record-high in 2007, demand flat - API
WASHINGTON – U.S. fuel production reached a record high in 2007 as refinery capacity expanded for the 11th straight year, API data show. U.S. crude oil production also rose in 2007, the first annual increase since 1991, according to API’s year-end Monthly Statistical Report. The API statistics also showed that U.S. oil demand was flat in 2007, the third straight year of stagnant or lower oil demand in the world’s largest oil-consuming nation. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for October 2007 (latest available).

For previous news items, please see Archive