News

WASHINGTON, July 15, 2008 – It is estimated that U.S. oil and natural gas companies completed over 50 percent more exploratory wells in the second quarter of 2008 than they did in the corresponding period a year ago, as the industry continues to boost activity in the exploration and production sector, according to API’s second-quarter drilling estimates.

WASHINGTON, July 14, 2008 – API has issued the following statement on President Bush lifting the “presidential withdrawal” prohibiting leasing off the East and West coasts and a portion of the eastern Gulf of Mexico.

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 20, 2008 -

America needs a balanced, fact-based energy policy that promotes energy efficiency and conservation and greater supplies of all forms of energy, including domestic oil and natural gas. Congress must act to expand access to the abundant supplies of domestic oil and natural gas that have been off-limits to drilling for decades

WASHINGTON, June 20, 2008 - See the latest claims and facts surrounding non-producing federal leases.

WASHINGTON, June 19, 2008 - In a letter to Congress, API President and CEO Red Cavaney said that proposed legislation that would deny new leases to oil and natural gas companies that have so-called "idle" leases would keep more of America's vast energy resources locked up underground and seriously harm the nation’s ability to produce sufficient energy to meet demand.

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, June 3, 2008 – A new report issued by the Natural Gas Council (NGC) estimates that the Lieberman-Warner climate change legislation would increase U.S. demand for natural gas

PALM BEACH, May 19, 2009- API President and CEO Red Cavaney told the Forum Club of the Palm Beaches that the U.S. could not meet its energy challenges if it did not understand the solutions to overcome those challenges. "We must recognize the critically important link between energy policy and investment. If oil and natural gas companies are to attract the investment they need to meet America’s energy needs, our nation must get its energy policy aligned with realities – that is essential to shaping a favorable climate that will attract investment," Cavaney said. "Our industry stands ready to play a constructive role with both government and consumers in developing an energy and climate change policy that ensures economic prosperity, jobs, and a secure energy future for both Florida and for our nation, in general."