News

WASHINGTON, June 24, 2009 - The American Petroleum Institute issued the following statement today from President Jack Gerard on the most recent costs CBO calculated for the Waxman-Markey climate bill:

WASHINGTON, June 23, 2009 - The Waxman-Markey climate change legislation will drive up the cost of gasoline and other petroleum fuels for consumers and businesses and should be set aside, API President Jack Gerard said in a letter to Congress today. API opposes the legislation, as it appears time has run out to fix the proposal’s many flaws.

Report estimated the U.S. resource base at 1,836 trillion cubic feet (Tcf) worth of likely and potential resources, the highest in the group's 44-year history and a sharp increase from its previous estimate of 1,321 Tcf.

WASHINGTON, June 17, 2009 - The American Petroleum Institute and 15 labor unions announced today the historic creation of the Oil and Natural Gas Industry Labor-Management Committee, which will work to promote job retention and growth.

WASHINGTON, June 17, 2009 - American Petroleum Institute President Jack Gerard issued the following statement on the Senate Energy and Natural Resources Committee’s 15 to 8 vote to approve an energy bill that would open part of the Eastern Gulf of Mexico for additional oil and natural gas leasing and clarify ambiguous language in Section 526 of the Energy Independence and Security Act of 2007, which, as originally written, could have precluded federal agencies from using transportation fuels derived from Canadian oil sands:

WASHINGTON, June 17, 2009 - Crude oil production in May posted its fifth consecutive monthly year-on-year increase, API data show, as increased offshore Gulf of Mexico production combined with higher output from North Dakota’s Bakken shale to push U.S. output above 5.3 million barrels per day

WASHINGTON, June 15, 2009 - On June 15 in a teleconference with journalists, API Chief Economist John Felmy and API Statistics Manager Ron Planting discussed gasoline market conditions.

WASHINGTON, June 15, 2009 - U.S.-based oil and natural gas companies invested $58.4 billion from 2000 through 2008 in technologies to reduce greenhouse gas emissions, according to a new study by T² and Associates and the Center for Energy Economics at the University of Texas. This was more than was invested by either the federal government or by all other U.S.-based private industries combined. It was 44 percent of the total invested by all U.S.-based private industry and the federal government.