News

WASHINGTON, June 27, 2007 – At a time when millions of Americans are focusing on energy issues and policies, a new survey finds that most U.S. adults have a fundamental lack of knowledge regarding energy demand and supplies and the role of America’s oil and natural gas companies. In fact, when presented with 20 multiple choice questions, on average more than 25 percent of respondents said they were “not sure,” and in many cases people chose the response that is farthest from the correct answer.

WASHINGTON, June 13, 2007 – Relatively weak U.S. gasoline deliveries, a proxy for demand, combined with record high domestic production and rising imports to help replenish U.S. gasoline inventories in May though they remain below year-ago levels, API data show.

WASHINGTON, May 30, 2007 - The nation’s oil and natural gas industry is better prepared for ahead of the 2007 hurricane season, API President and CEO Red Cavaney said during a joint press conference with the Minerals Management Service, the Department of Energy and the US Coast Guard.  API also published three new bulletins to help industry apply the latest understanding of environmental conditions in and around the Gulf of Mexico to make offshore facilities more resilient during hurricane season.

WASHINGTON, May 25, 2007. In a letter to members of Congress, API President and CEO Red Cavaney underlined the oil and natural gas industry commitment to providing Americans with the energy they need – “record investments to produce record supplies to meet record demand.” He also expressed concern about a “series of legally ambiguous legislative proposals do not reflect basic energy economics and, if enacted, will likely produce unintended, anti-consumer consequences.”

WASHINGTON, May 23 – API president and CEO Red Cavaney issued the following statement today following House passage of H.R. 1252:

“We’re disappointed the House is making this bill the cornerstone of its energy policy.  It is a flawed political solution to a matter that needs a long-term, viable solution, which includes increased energy efficiency, enhanced access to traditional, domestic oil resources, and diversification of energy supplies.

WASHINGTON, May 23, 2007. In a letter to Sen. Charles Schumer, chairman of the Senate Joint Economic Committee, API President and CEO Red Cavaney offered some observations following a JEC hearing to “set the record straight” about the “the numerous, unfounded accusations against the industry”. Cavaney noted the “overwhelming evidence” of healthy competition among the nation’s oil and natural gas companies.

WASHINGTON, May 16, 2007 - API chief economist John Felmy presented testimony to the House Judiciary Committee’s Antitrust Task Force at its hearing on “Prices at the Pump: Market Failure and the Oil Industry.” Felmy said, “The contention that higher prices are driven by market failure or market manipulation… is not credible. The prices are a symptom of larger energy challenges facing the nation and must be addressed in other ways.”

WASHINGTON, May 14, 2007 – The American Petroleum Institute issued the following statement today following President Bush’s comments on an alternative fuel plan:

WASHINGTON, May 9, 2007 – Rising gasoline prices are a burden on U.S. consumers but they should not be viewed in isolation from the U.S. energy situation and should not lead to federal price controls that could hurt consumers, API Chief Economist John Felmy told a House panel.

WASHINGTON, May 8, 2007 - In testimony before the House Energy and Commerce Subcommittee on Energy and Air Quality, Bob Greco, API’s Downstream and Industry Operations Group Director, emphasized the substantial progress made by the industry expanding the use of renewable energy in motor fuels.