News

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 16, 2007 – U.S. gasoline production in April was four percent above year-ago levels as the nation’s refiners continue to squeeze more gasoline out of a barrel of crude than ever before, API data show.

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.

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.