News

WASHINGTON June 14, 2006 – U.S. motorists appear to be doing what they can to cut back on their fuel use to offset the impact of higher pump prices as May gasoline deliveries, a proxy for demand, plunged 3.3 percent from May 2005 levels amid a 35 percent rise in retail prices, data compiled by the American Petroleum Institute shows.

WASHINGTON May 3, 2006 - The American Petroleum Institute today issued the following statement regarding oil and natural gas company earnings:

WASHINGTON, April 25, 2006 - America’s oil and natural gas industry welcomes the administration’s increased focus on the nation’s long-term and short-term energy issues. The industry’s one-hundred years of experience in motor fuels provides us with important insights in managing a complex fuels system in a way that insures consumers’ access to reliable and affordable energy supplies. We are working full-time to meet the energy needs of the nation’s consumers and to comply with environmental and fuel requirements in government regulations and laws.

WASHINGTON, April, 25, 2006 - The industry is doing all it can to meet consumer energy needs, but it cannot meet U.S. energy challenges alone, API President and CEO Red Cavaney wrote in a letter to members of Congress. In the April 24 letter, Cavaney said the nation’s energy policy needs to focus on increasing supplies, energy efficiency, and encouraging responsible development of alternative and nonconventional sources of energy.

WASHINGTON, April 21, 2006 - With the end of the federal oxygen mandate approaching, API data show a noticeable movement towards greater use of ethanol in gasoline. For example, by the first week of April, the ethanol-blended product's share of reformulated gasoline (RFG) had risen to 67 percent, up from 57 percent one year earlier.

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 14, 2006 - Congress should resist repeating the mistakes of the past by punishing the oil and natural gas industry for a consolidation wave that was the result of economic pressures and regulatory requirements, the American Petroleum Institute (API) told Congress Tuesday.

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.