News

WASHINGTON, February 14, 2011 – API President and CEO Jack Gerard said raising taxes on the oil and natural gas industry, as the administration is proposing in its budget, would harm job creation and lower government revenues long term:

WASHINGTON, February 8, 2011 – U.S. oil and natural gas companies will not be able to successfully compete against their foreign counterparts on many international energy development projects if longstanding rules on taxing foreign income are changed, according to a newly released study by Wood Mackenzie. Legislative proposals put forth by the Administration would significantly alter how foreign tax payments by U.S.-based companies on their foreign income would be treated for U.S. income tax purposes – essentially subjecting them to double taxation on foreign operations. As a result, U.S. companies would face potentially lower returns investing in foreign oil and gas projects, would bid on fewer projects, and successfully bid less often.

WASHINGTON, February 3, 2011 – The American Petroleum Institute today called the pipeline safety bill introduced by Senator Frank Lautenberg and Senator Jay Rockefeller an important opportunity for productive dialogue.

WASHINGTON, January 27, 2011 – API called on the U.S. Department of State today to approve the Keystone pipeline project as soon as possible “as a matter of critical national interest.” The pipeline, which would be built by TransCanada Corporation, would be part of a pipeline system bringing oil from Alberta’s oil sands region in Canada to U.S. refineries.

WASHINGTON, January 25, 2011 - American Petroleum Institute President and CEO Jack Gerard said President Obama's State of the Union address tonight missed an opportunity to highlight real job creation and economic recovery opportunities.

WASHINGTON, January 25, 2011 – Long-term Gulf of Mexico deepwater development could be seriously jeopardized if permitting timelines are extended, according to a new analysis by Wood Mackenzie. The study projects nearly one-third of U.S. deepwater production could be rendered uneconomic, which could significantly impact deepwater production, resulting in less energy production, less investment and less revenue to government.

WASHINGTON, January 21, 2011 – Total U.S. petroleum deliveries (a measure of demand) were up 1.2 percent in December against the same month last year and up 2.3 percent for 2010 compared with 2009, evidence the U.S. economy continues to gain momentum.

WASHINGTON, DC, January 20, 2011 - The American Petroleum Institute (API), the national trade association representing all aspects of America’s oil and natural gas industry, and Antea Group, an international engineering and environmental consulting firm, have formed an exclusive teaming agreement to provide a web-based Storage Tank Operator Training program that meets both federal and state operator training requirements as mandated by the Federal Underground Storage Tank Compliance Act of 2005.

WASHINGTON, January 11, 2011 – U.S. oil and natural gas drilling in 2010 remained below 2008 levels, according to API’s 2010 Quarterly Well Completion Report: Fourth Quarter