News

WASHINGTON, December 13, 2007 – API issued the following statement:

“We applaud the Senate for recognizing the adverse effect that increased taxes would have had on future energy supplies. “The remaining legislation contains provisions which will enhance our nation’s energy security. However, we have serious concerns about elements of the bill regarding biofuels. We hope that these will be addressed in subsequent actions, including regulatory rule-making.”

WASHINGTON, December 13, 2007 – API issued the following statement:

“API is pleased that the Senate did the right thing by removing a tax title that would have threatened U.S. energy production and jobs. There are provisions promoting energy efficiency in the legislation that will enhance our nation’s energy security. However, we remain concerned by the unrealistic biofuels mandate. We look forward to a new, collaborative process to produce a truly balanced energy policy to strengthen America’s energy security.”

WASHINGTON, December 5, 2007 - API President Red Cavaney sent a letter to members of the House of Representatives urging them to vote against pending energy legislation and begin work on a “new, collaborative process to produce a truly balanced energy policy for America’s future.” In the letter, Cavaney wrote: “At the beginning of the year we shared the hope of many Americans that Congress would, at last, pass a balanced energy bill that would lead to greater energy security for our nation in this time of extraordinary global challenges. However, we have now arrived at the conclusion that the energy legislation (HR 6) you will soon be asked to vote on falls far short of that goal.”

WASHINGTON, December 4, 2007 – API issued the following statement:

“The House bill does nothing to improve our nation’s energy security or ensure reliable energy supplies for American consumers. The $21 billion tax provision is counterproductive in that it takes capital away from expanding domestic oil and natural gas production and refining capacity. The renewable fuel title sets up a new crazy-quilt of boutique biofuels that will strain, and could break, the nation's fuel supply system. Our nation needs a balanced energy policy that promotes improved efficiency and production of all forms of energy."

WASHINGTON, November 14, 2007 – As October retail gasoline prices rose, supplies delivered to U.S. consumers for the month – an average of 9.35 million barrels per day – inched above those of a year ago by a modest 0.9 percent.  Meanwhile, overall domestic petroleum deliveries turned slightly down, led by a fall in distillate deliveries of more than 3 percent compared with strong October 2006 distillate numbers, API said today.

BEIJING, November 6, 2007 – API today officially opened its Beijing representative office at a ceremony attended by government officials, industry leaders and other guests at the Ritan Inn House in Beijing.

WASHINGTON, September 19, 2007 – With heating oil season just a couple months away, U.S. distillate inventories began September at their highest level since January but they remain more than eight percent below year-ago levels, API data show.

WASHINGTON, September 19, 2007 – Who owns ‘Big Oil?’ It’s not who you think. As Congress debates national energy policy, a new study finds that ownership of oil and natural gas company shares is made up of a broad cross section of Americans.

WASHINGTON, July 18, 2007 – API today issued the following statement regarding the report released by the National Petroleum Council:

WASHINGTON, June 26, 2007 - On a letter to members of Congress, API President and CEO Red Cavaney cautions against a rush to impose legislation that would do more harm than good in the battle to meet our nation's energy challenges.