News

WASHINGTON, July 25, 2011 - The economic benefits provided to the nation by America's oil and natural gas industry far outstrip its earnings - and even rival the dollar value of the administration's 2009 stimulus package, said API's Vice President for Regulatory & Economic Policy Kyle Isakower in a media briefing today.

WASHINGTON, July 22, 2011 ─ API is encouraged to see the administration move the ball forward on the Keystone XL pipeline decision. The State Department is now entering the final phase of its environmental assessment and will schedule public hearings in several states along the pipeline route in September.

HARRISBURG, July 22, 2011—The Associated Petroleum Industries of Pennsylvania, a division of the American Petroleum Institute, welcomed the release of Governor Tom Corbett’s Marcellus Shale Advisory Commission’s recommendations. The Commission issued 96 individual recommendations governing all aspects of the development of the Marcellus Shale play.

WASHINGTON, July 20, 2011 – The U.S. oil and natural gas industry has significantly improved offshore safety, stated Erik Milito, the group director of upstream and industry operations at API, in testimony he delivered to the Senate Subcommittee on Oceans, Atmosphere, Fisheries, and Coast Guard today. Milito said that safety and offshore energy development in the Gulf can go hand in hand.

WASHINGTION, July 15, 2011 – API President and CEO Jack Gerard today called on EPA Administrator Lisa Jackson to stop the agency’s out-of-cycle ozone review that could seriously set back our economic recovery and harm millions of unemployed Americans. Gerard called for the meeting with the EPA and was joined by a broad cross-section of business organizations. After the meeting, Gerard said:

WASHINGTON, July 15, 2011 – Oil well drilling activity increased in the second quarter 2011. According to API’s 2011 Quarterly Well Completion Report: Second Quarter, an estimated 6,595 oil wells were drilled in the second quarter of 2011. Overall, an estimated 10,939 oil wells, natural gas wells and dry holes were completed, up 14 percent from 2010’s second quarter and up 46 percent from 2009’s second quarter.

WASHINGTON, July 11, 2011 – Almost 190,000 new jobs could be created in 2013 if permitting in the Gulf of Mexico for offshore development returned to levels before the Obama administration’s moratorium, a study by Quest Offshore Resources, Inc., says. The study, "United States Gulf of Mexico Oil and Natural Gas Industry Economic Impact Analysis," also projects a 71 percent increase in Gulf development spending to $41.4 billion and a 70 percent increase in economic activity related to Gulf development to $44.5 billion.

WASHINGTON, July 8, 2011 -- American Petroleum Institute President and CEO Jack Gerard made the following statement on President Obama’s response to disappointing job numbers and ongoing discussions towards agreement on the debt ceiling:

WASHINGTON, July 6, 2011—The American Petroleum Institute today welcomed legislation introduced by Virginia Democratic Senators Mark Warner and Jim Webb calling for a lease sale off Virginia’s coast with lease revenue to be shared with the state.

WASHINGTON, July 1, 2011—API’s President and CEO Jack Gerard today issued the following statement on the decision by the New Jersey legislature to issue a statewide ban on the use of hydraulic fracturing: