News

WASHINGTON, May 5, 2007 - Industry mergers are not a cause of higher gasoline prices, API President and CEO Red Cavaney told the Senate Joint Economic Commission in a hearing. “In fact, mergers contribute to production efficiencies that benefit consumers. As with all industries, mergers have occurred only after careful Federal Trade Commission (FTC) scrutiny to ensure the competitiveness of markets,” Cavaney said.

WASHINGTON, May 3, 2007 – API issued the following statement commenting on Senate Energy and Natural Resources Committee approval of biofuels legislation, S. 987:

“API supports a realistic and workable renewable fuels standard. Our industry is the nation's largest user of ethanol and is increasing the volume of renewable fuels in America’s transportation fuel portfolio.

WASHINGTON. April 12, 2007. In testimony before the Senate Energy and Natural Resources Committee, API President and CEO Red Cavaney said that the U.S. oil and natural gas industry is the nation’s largest user of ethanol and is increasing the volume of renewable fuels in America’s transportation fuel portfolio. “The most economical and practical use of ethanol is as a 10 percent blend in gasoline,” he said. “E-10 is already used in many parts of the country. It requires no modification to vehicles, no major changes to service station pumps and storage tanks, and has a long history of successful use by consumers.”

WASHINGTON, March 14, 2007 – U.S. oil inventories registered a sizeable drop in February after demand for all major oil products rose while imports fell to their lowest levels in more than three years, data compiled by the American Petroleum Institute show.

WASHINGTON, March 6, 2007 – API today signed an agreement with SMU Cox School of Business in Dallas authorizing the school to develop and deliver its Executive Education curriculum and other customized education-related services to oil and natural gas industry professionals worldwide.

WASHINGTON, March 1, 2007 – API today called attention to the cooperative efforts of the oil and natural gas industry and ethanol/agricultural interests in dramatically increasing use of ethanol to meet the transportation fuel needs of U.S. consumers.

WASHINGTON, February 20, 2007 – API today expressed confidence in the oil and natural gas industry’s ability to ensure energy supplies for future generations in the face of rising global demand. The industry trade association also urged lawmakers to support policies that promote energy efficiency, investment in and early adaptation of advanced energy technologies, and access to resources both in the United States and around the world.

WASHINGTON, February 13, 2007 – U.S. oil demand rose in January compared to year-earlier levels as falling pump prices and relatively clear driving conditions boosted gasoline use. Demand for jet fuel and distillate fuel oil also posted year-on-year increases, data compiled by the American Petroleum Institute show.

WASHINGTON, January 23, 2007 – API today issued the following statement in reaction to President Bush’s State of the Union address:

WASHINGTON, January 19, 2007 – Higher fuel prices and mild winter weather led to lower U.S. oil demand in 2006 even as economic growth bolstered diesel fuel use, API reported in its year-end Monthly Statistical Report.