News

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, 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, DC, April 26, 2006 - We understand the frustration that consumers have expressed about energy prices. We recognize that high energy prices are adversely impacting individual households and, potentially, our economy.