News

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.

U.S. petroleum imports, including crude oil and refined petroleum products, in June 2006 were 13,906,000 barrels per day. Total imports in June as a percentage of total domestic petroleum deliveries, a key measure of demand, were 67.4 percent. U.S. crude oil production in June was 5,146,000 per day, of which 810,000 b/d was Alaskan.

WASHINGTON, May 22, 2006 – The American Petroleum Institute today issued the following statement regarding a Federal Trade Commission’s report that found “no instances of illegal market manipulation” to influence gasoline prices

WASHINGTON, May 11, 2006 – The United States should avoid repeating the energy policy mistakes of the past and concentrate on a multi-pronged approach to meet the energy challenges of the future, API President and CEO Red Cavaney told a House panel on May 11.

WASHINGTON, May 3, 2006 – Alyeska Pipeline Service Company was recently presented with API’s 2005 Distinguished Award for Outstanding Safety and Environmental Performance. Alyeska, operator of the 800-mile-long Trans Alaska Pipeline System, won the award based on its release performance per mile of pipeline operated as reported to the Pipeline Performance Tracking System, its low rate of safety incidents, and its community outreach program, which was widely praised as standard-setting for the pipeline industry as a whole.

WASHINGTON, May 3, 2006 – Nineteen pipeline companies representing 140,000 miles of the nation’s pipelines have signed up for the API/INGAA/AOPL public awareness survey program. The survey program is a response to new federal regulations that incorporate API standard RP 1162, Public Awareness Programs for Pipeline Operators. RP 1162 provides a framework for communication between pipeline companies and residents living and working along the pipeline route, emergency responders, public officials and excavators.

WASHINGTON, April 12, 2006 — Estimated completions of U.S. oil wells, natural gas wells and dry holes increased by 9 percent in the first quarter of 2006 compared with the same period of 2005, the American Petroleum Institute reported today. Oil well completions rose 10 percent, and natural gas completions increased 8 percent for the quarter compared to the same period of 2005.

WASHINGTON, April 7, 2006 - In a April 7 letter from API President Red Cavaney, API explains to Congress the factors contributing to higher gasoline prices. These factors include continued geopolitical concerns in key oil-producing regions; the lingering impact of last summer’s hurricanes on refinery and oil and natural gas production and the challenges presented by the end of the oxygenate mandate. “The only short-term answer to our energy situation is for government to join with the industry to encourage the wise and responsible use of energy by all consumers,” Cavaney wrote in his letter.

WASHINGTON, March 10, 2006 – The American Petroleum Institute commends Interior Secretary Gale A. Norton for more than five years of strong leadership at the department that manages lands currently producing one-third of the oil and natural gas in the United States.

Columbus, Ohio, March 1, 2006 - API President and CEO Red Cavaney delivered a speech outlining the state of the U.S. oil and natural gas industry on March 1, 2006 at the 10th Annual Ohio Energy Management & Restructuring Conference in Columbus, Ohio.