News

WASHINGTON, August 25, 2008 – API has issued a statement on U.S. House Speaker Nancy Pelosi’s remarks August 24 on Meet the Press that “Big Oil” was “not paying royalties to the taxpayer” for production on federal lands and Outer Continental Shelf waters.

WASHINGTON, July 21, 2008 - James F. Justiss Jr., the president and chairman of Justiss Oil Company Inc., is the recipient of the API 2008 Gold Medal for Distinguished Achievement. The award, API’s highest honor, recognizes leaders who have made substantial contributions to the oil and natural gas industry throughout their careers.

WASHINGTON, June 26, 2008 - In a letter to Congress before the 4th of July holiday week, API President and CEO Red Cavaney talked about the impact of high prices on U.S. product deliveries, noting they were down “for the January-May period for the first time since 1991.”

WASHINGTON, June 18, 2008 – U.S. gasoline demand in May, as measured by deliveries, fell 1.4 percent below year-ago levels, dragging year-to-date demand for gasoline down one percent, the first gasoline demand drop for the January-May period since 1991, API data show.

WASHINGTON, June 5, 2008 – Red Cavaney has announced his intent to retire and will step down November 1, 2008 as the President and Chief Executive Officer of the American Petroleum Institute (API). Jack Gerard, who is President of the American Chemistry Council (ACC), has been selected as his successor.

WASHINGTON, May 14, 2008 – U.S. oil demand in April, as measured by deliveries of all petroleum products, rose a modest 0.2 percent over year-ago levels, the first time this year monthly demand averaged higher than the corresponding month in 2007, according to API’s Monthly Statistical Report.  But year-to-date oil demand continues to lag behind 2007 levels.

Washington, DC, May 5, 2008 – A new report issued today shows the U.S. oil and natural gas industry invested about $42 billion in greenhouse gas emission mitigation technologies from 2000 to 2006.  This represents 45 percent of an estimated $94 billion spent on these technologies by all U.S. industries and the federal government. 

WASHINGTON, April 16, 2008 – U.S. first quarter fuel demand, as measured by deliveries of petroleum products, was 1.4 percent below year-ago levels, the third straight quarter of year-on-year declines in the world’s largest oil consuming nation, according to API’s year-end Monthly Statistical Report.

WASHINGTON, March 31, 2008 – High crude oil prices top a list of factors that have combined to produce high gasoline prices in today’s high-demand, tight supply world energy market. Even so, U.S. consumers and businesses have abundant supplies as the oil and natural gas industry continues to produce record amounts of fuels.

WASHINGTON, March 19, 2008 – Deliveries of all petroleum products in February – a measure of demand – slipped 1.3 percent from the same month one year ago, according to API’s Monthly Statistical Report.  Gasoline and jet fuel deliveries rose but the increases were offset by declines in distillate fuel and residual fuel oil.  The year-to-year demand increase for gasoline of 1.7 percent came despite retail gasoline selling at the highest nominal February prices ever.