News

WASHINGTON, December 14, 2006 – A sharp drop in residual fuel oil use pushed overall U.S. oil demand down in November compared to year-ago levels though demand for other refined products remained buoyant. In its Monthly Statistical Report covering November 2006, API attributed the 500,000-barrel-per-day decline in residual fuel oil demand to the fact that November 2005 demand was boosted by a high level of fuel switching by utilities that substituted costly natural gas with heavy fuel oil.

WASHINGTON - October 18, 2006 - U.S. refiners pumped up the volume in September, producing more distillate than ever before and the highest levels of gasoline for the month, boosting inventories ahead of the winter, data compiled by the American Petroleum Institute shows.

WASHINGTON, November 15, 2006 – A record two-month price drop contributed to a surge in U.S. gasoline demand of more than six percent in October compared to year-ago levels though overall oil demand is still lagging 2005 levels on a year-to-date basis, according to API's Monthly Statistical Report.

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.

WASHINGTON, October 16, 2006 – Lee R. Raymond, retired chairman and chief executive officer of Exxon Mobil Corporation, today was awarded the American Petroleum Institute's highest honor, the API Gold Medal for Distinguished Achievement. The presentation of the 2006 API Gold Medal was made at API's awards luncheon today. Raymond served nearly 20 years as a member of the API Board of Directors, including two terms as chairman.

WASHINGTON, October 16 – API has elected Rex W. Tillerson, chairman and chief executive officer of ExxonMobil, as chairman of its board, effective January 1, 2007. Larry Nichols, chairman and chief executive officer of Devon Energy, has been elected as API’s treasurer, also effective January 1. The announcement was made at API’s annual meeting.

ST. LOUIS, October 11, 2006 -

I am honored to be a part of this DOE/USDA Renewable Energy Conference. All of us who share a commitment to meeting our nation’s future energy needs owe a debt of gratitude to Secretaries Bodman and Johanns for arranging this event. It epitomizes the cooperative effort between government and the private sector that is so essential to meeting the energy challenges of the 21st century and ensuring that the transportation fuel needs of U.S. consumers are addressed in the decades ahead.

ST. LOUIS, October 11, 2006 -– Ethanol and other renewable fuels will play an important role in meeting the nation’s energy challenges in the 21st century, API President and CEO Red Cavaney told the Advancing Renewable Energy Conference.

WASHINGTON, September 29, 2006 - In a letter to Members of Congress, API President and CEO Red Cavaney noted that the nation is heading into the winter with fuel prices well below year-ago levels amid ample inventories of crude oil and refined products. "The market has responded to the high prices we witnessed earlier this year with increased supply and reduced demand, proving yet again that markets do work.," Cavaney wrote.

WASHINGTON, September 26, 2006 – Orders are now being accepted for API’s 2006 Basic Petroleum Data Book (Volume XXVI, No. 2), second edition, which will be available by September 29.