WASHINGTON, November 14, 2006 - In a November 14 letter to Congress, API President and CEO Red Cavaney reminded lawmakers that America’s oil and natural gas industry annually reinvests more than its total net income to improve industry efficiency and productivity as well as search for, and produce, new energy supplies. "These investments are essential to ensuring America’s future energy security and are placed at risk by discriminatory tax regimes that hinder our ability to compete in the global search for, and production of, energy supplies," he said.