News

SAN FRANCISCO, September 21, 2006 - In a speech to the Commonwealth Club of California, API President and CEO Red Cavaney stressed the need for policymakers to recognize the changing realities in the world of energy and shape policies that reflect those realities, rather than relying on discredited policies of the 1970s.

WASHINGTON, September 13, 2006 – U.S. oil demand slipped in August compared to year-earlier levels as lower deliveries of jet fuel and residual fuel oil offset rising gasoline and distillate deliveries, data compiled by the American Petroleum Institute show. In its Monthly Statistical Report covering August 2006, API noted that U.S. stockpiles of crude oil and refined products stood at their highest levels for end-August in several years, thanks to extraordinary high imports and near-record domestic refinery production.

WASHINGTON, August 17 — Total petroleum deliveries slipped 0.2 percent in July compared with one year earlier, with increases for gasoline and distillate fuel oil failing to offset declines for jet fuel, resid, and other products. Deliveries of low-sulfur distillate jumped nearly 13 percent, bring the increase for distillate fuel oil in total to over 9 percent despite a decline for high-sulfur distillate. Deliveries of gasoline rose a strong 1.7 percent. However, jet fuel deliveries fell 8.6 percent, and resid’s double-digit percentage declines continued.

WASHINGTON, August 27, 2006 – U.S. gasoline demand rose in July compared to year-earlier levels despite higher pump prices, data compiled by the American Petroleum Institute show.

WASHINGTON, July 28, 2006 - In a letter to members of Congress ahead of the August recess, API President and CEO Red Cavaney provided an update of the nation’s energy situation. Cavaney explained that supply and demand fundamentals have driven crude oil and refined product prices sharply higher and consumers have responded by limiting fuel usage when they could. He also noted the industry’s hurricane preparedness and reiterated the readiness of API member companies to work with lawmakers to develop “workable solutions” to the nation’s long-term energy challenges.

WASHINGTON, July 19, 2006 - The impact of substantially higher retail prices has apparently permeated further into consumers’ travel behavior in recent months. The result has been a second-quarter decline in gasoline deliveries. ("Deliveries" is a measure of demand). Specifically, gasoline deliveries fell 0.4 percent for the second quarter compared with a year ago, contrasting with an increase for the first quarter of 0.5 percent. With flat-to-declining deliveries for distillate fuel oil and residual fuel oil, along with an only-modest rise for jet fuel, total petroleum deliveries for the second quarter shrank from year-ago levels by 1.3 percent.

WASHINGTON, June 29, 2006 - API President Red Cavaney, in a letter to Congress dated 6/29, said that government should implement policies that allow access and encourage the application of private capital to develop existing and new sources of energy to ensure a diverse and robust supply. In a letter to lawmakers, Cavaney said that as an industry that annually reinvests more than its total net income in the search for new energy supplies for consumers, it is important that elected leaders resist the temptation to burden the industry with confiscatory and discriminatory taxation schemes that would reduce the industry’s ability to make the reinvestments necessary to deliver future energy to American consumers.

WASHINGTON, April 23, 2006 – In response to what appears to be some misunderstanding concerning the findings of a draft report issued by the Environmental Protection Agency on the impact of boutique fuels, API has issued the following statement:

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.