News

WASHINGTON, April 25, 2011 – Oil and natural gas company holdings in Michigan pension funds are providing disproportionately strong returns for retirees, according to a new study by Sonecon, commissioned by API. While oil and natural gas stocks make up 5.0 percent of public pension holdings in Michigan, they accounted for 11.6 percent of the returns in these accounts from 2005 to 2008.

WASHINGTON, April 25, 2011 – Oil and natural gas company holdings in state pension funds are providing disproportionately strong returns for retirees, according to a new study by Sonecon, commissioned by API. While oil and natural gas stocks make up an average of 3.9 percent of public pension holdings in four key states, they accounted for an average of 8.6 percent of the returns in these accounts from 2005 to 2008.

WASHINGTON, April 22, 2011 ─ API today welcomed thesupport from Oklahoma Governor Mary Fallin and the state's two U.S. Senators James Inhofe (R) and Tom Coburn (R) for the Keystone XL pipeline. The officials sent a letter to Secretary of State Hillary Clinton calling for the expeditious approval of a cross-border permit for the Keystone XL pipeline.

WASHINGTON, April 21, 2011 ─ The latest U.S. State Department environmental analysis to the Keystone XL project is a positive indicator for eventual approval of the project. The analysis found “no new issues of substance” and “does not alter the conclusions reached in the draft EIS regarding the need for and the potential impacts of the proposed Project.”

WASHINGTON, April 21, 2011 – Steadily rising fuel costs during the first quarter of 2011 appear to have had little impact on total U.S. petroleum deliveries (a measure of demand). First quarter deliveries rose by 5.5 percent compared with the first quarter in 2010, led by a 7.3 percent surge in March 2011 (to 20.5 million barrels per day) over the same month in 2010.

WASHINGTON, April 15, 2011 – Oil and natural gas drilling remains below 2009 levels. According to API’s 2011 Quarterly Well Completion Report: First Quarter, an estimated 10,431 oil wells, natural gas wells and dry holes were completed in the first quarter of 2011, up 29 percent from 2010’s first quarter but down almost 8 percent from 2009’s first quarter.

WASHINGTON, April 13, 2011 – In commenting on President Obama’s 2011 budget remarks today, API President and CEO Jack Gerard said U.S. oil and natural gas industry could play a major role in helping secure a strong, financially sound future for the nation:

WASHINGTON, April 13, 2011 – Today API awarded its 2010 Distinguished Award for Outstanding Safety and Environmental Performance to Koch Pipeline Company, L.P. This is API’s highest safety and environmental performance award for pipeline operators. Harry Pefanis, President and COO of Plains All American Pipeline and Chair of API’s Pipeline Subcommittee, presented the award to Bob O’Hair, Executive Vice President of Operations and Compliance Excellence for Koch Pipeline Company, L.P. at API’s 62nd annual Pipeline Conference in San Antonio, Texas.

WASHINGTON, April 12, 2011 – Russell Jones, API’s senior economic adviser, today called the Shale study released by Professors Robert Howarth,Renee Santoro and Anthony Ingraffea, bunk.

WASHINGTON, April 12, 2011 – Most Americans strongly value Canada’s role as a secure, stable and friendly supplier of oil for U.S. families and businesses, according to a poll by Harris Interactive for API and the Canadian Association of Petroleum Producers (CAPP).