News

SCOTTSDALE, Arizona, October 20, 2008 – The API Board of Directors on Monday elected J. Larry Nichols, chairman and chief executive officer of Devon Energy Corporation, as chairman of API’s board, effective Jan. 1, 2009. The board also approved Jack N. Gerard as the new president and chief executive officer of API, effective Nov. 1.

WASHINGTON, October 15, 2008 – Total U.S. petroleum deliveries (a measure of demand) fell substantially for September and for the third quarter 2008 as Gulf Coast storms depressed offshore production and refinery output.  Inventories of crude and most products also fell.

WASHINGTON, October 10, 2008 – The U.S. exploration and production industry’s drilling activity continues to outpace last year’s levels and is nearly twice the level seen in the 1990s, according to API’s third quarter 2008 drilling estimates.

October 1, 2008 Red Cavaney, who will retire from his position as president and chief executive officer of API on October 31, 2008, will become senior vice president, Government & Public Affairs of ConocoPhillips in November 2008. See complete ConocoPhillips news release: ConocoPhillips Announces Senior Management Changes.

WASHINGTON, September 29, 2008 – In letter to members of Congress, API President and CEO Red Cavaney stated that if the right actions are taken in moving forward, it will mean more ample and secure energy supplies for the American people, more U.S. jobs, and less reliance on imported oil.  If the United States doesn’t take steps to control its energy destiny, it puts at risk a better future for current and future generations. Large domestic supplies of oil and natural gas are critical to our energy future.

WASHINGTON, September 29, 2008 – API today issued the following statement: “Lifting the decades-old ban on oil and natural gas drilling is good news for the millions of American consumers who are calling for the ban to be lifted, but it is only the first step. Congress should avoid re-imposing this ban or any other obstacles to U.S. oil and natural gas resources. The federal government should finish up the work necessary to allow the oil and natural gas industry to get production flowing because the faster we move, the faster Americans enjoy the benefits of more domestic oil and natural gas supplies, new jobs and a boost to the economy.”

WASHINGTON, September 19, 2008 - View the statement of Doug Morris, Group Director for Upstream and Industry Operations, American Petroleum Institute, at the Senate Republican Conference’s Offshore Energy Production Hearing.

WASHINGTON, September 17, 2008 – August oil product deliveries (a measure of demand) fell 3.0 percent from a year ago even as prices for gasoline, diesel and other products were declining, according to API’s Monthly Statistical Report.  August gasoline demand slipped about 2.2 percent.  While August prices for gasoline were up 36 percent from a year ago, from early July to late August this year they fell 43 cents per gallon

WASHINGTON, September 19, 2008 - API has issued the following statement on the House energy bill under discussion today:  “The House energy bill is a dry hole for American consumers. The bill does little to increase U.S. oil and natural gas supplies and, in fact, may well result in less domestic production, which would make America more dependent on foreign energy.

WASHINGTON, September 28, 2008 - The nation’s oil and natural gas industry is working diligently to get the energy infrastructure in the Gulf Coast region restarted and running at normal capacity.