News

WASHINGTON, January 16, 2009 – Total U.S. petroleum demand shrank to its lowest levels since 2003 due to the combined effects of higher prices early in the year and a weakening economy as the year progressed, according to API’s Monthly Statistical Report, which reflects data from December as well as full-year 2008.

WASHINGTON, January 13, 2009 – American Petroleum Institute President and CEO Jack Gerard today issued the following statement in the wake of a federal appeals court’s decision finding for Anadarko Petroleum in a case regarding royalty collection:

WASHINGTON, January 13, 2009 – Drilling activity in the U.S. exploration and production industry continued on a steady climb at twice the level of activity in the 1990s, according to API’s fourth quarter 2008 drilling estimates. According to API’s 2008 Quarterly Well Completion Report: Fourth Quarter, an estimated 16,451 oil wells, natural gas wells and dry holes were completed in the fourth quarter of 2008, up 19 percent from 2007’s fourth quarter.

WASHINGTON, January 9, 2009 —Oil and natural gas industry spending on drilling and equipping wells in the United States surged again in 2007, hitting an all-time record high of $226.4 billion, more than double the previous record of $109.8 billion set in 2006.