05/07/2008
2006 drilling expenditures at all-time high at over $100 billion
WASHINGTON—Oil and natural gas industry spending on drilling and equipping wells in the United States surged again in 2006, hitting an all-time record high of nearly $110 billion. The 2006 Joint Association Survey on Drilling Costs (JAS) found that the industry spent 44 percent more in 2006—the most recent year for which data was available—to drill and equip wells in the U. S. than it did in 2005.

05/05/2008
Analysis: Bill could cut natural gas supply, outsource refining
WASHINGTON – Climate change legislation pending in Congress could significantly reduce clean-burning natural gas production and send refining production and jobs overseas at a time the nation needs more supplies of all energy sources, according to a report released by API.

The study, Addendum to Impact Assessment of Mandatory GHG Control Legislation on the Refining and Upstream Segments of the U.S. Petroleum Industry, was prepared by ICF International and commissioned by API, also estimates that the increased cost of fuel production could result in a shift, as of 2020, of an estimated three million barrels per day of U.S. refining production overseas. 

This study underscores the need for Congress to take a balanced approach to energy and climate change policy, API President and CEO Red Cavaney said. Cavaney said the oil and natural gas industry has been addressing the climate change issue through deep investments in alternative energy and emission mitigation technology and through energy efficiency operations in its own operations.

 Addendum to Impact Assessment of Mandatory GHG Control Legislation - Executive Summary
Size: 349 KB | Date: May 5, 2008 | License: Free

 Addendum to Impact Assessment of Mandatory GHG Control Legislation - Full Report
Size: 634 KB | Date: May 2008 | License: Free

05/05/2008
Oil and gas tops in greenhouse gas mitigation spending
$42 billion from 2000 to 2006 exceeds amount from all other industries
Washington, DC – A new report issued today shows the U.S. oil and natural gas industry invested about $42 billion in greenhouse gas emission mitigation technologies from 2000 to 2006. This represents 45 percent of an estimated $94 billion spent on these technologies by all U.S. industries and the federal government.

 Key Investments in Greenhouse Gas Mitigation Technologies by Energy Firms, Other Industry and the Federal Government
Size: 388 KB | Date: May 5 | License: Free

04/18/2008
US Q1 drilling, completion rate up 4 percent from year ago – API
WASHINGTON – Drilling activity continues to increase in the U.S. exploration and production industry, according to API’s first quarter 2008 drilling estimates that show drilling activity was twice the level of corresponding quarters during the 1990s.

04/16/2008
U.S. Q1 fuel demand down 1.4 percent from year ago - API
WASHINGTON – U.S. first quarter fuel demand, as measured by deliveries of petroleum products, was 1.4 percent below year-ago levels, the third straight quarter of year-on-year declines in the world’s largest oil consuming nation, according to API’s year-end Monthly Statistical Report. The API statistics showed that gasoline deliveries rose a modest 0.7 percent in the quarter, more than offset by a 1.8 percent drop in distillate deliveries, a 0.5 percent decline in jet fuel deliveries and a big 18.4 percent decline in residual fuel oil demand. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for January 2008 (latest available).

04/09/2008
Portland Pipe Line Corporation Wins API Safety and Environmental Performance Distinguished Award
WASHINGTON, April 9 – Today API awarded its 2007 Distinguished Award for Outstanding Safety and Environmental Performance to the Portland Pipe Line Corporation.  This is API’s highest safety and environmental performance award for pipeline operators.  Mark Hurley, President of Shell Pipeline and Chair of API’s Pipeline Committee, presented the award at API’s 59th annual Pipeline Conference in Orlando, Florida.

03/31/2008
API: Time for informed energy policies
WASHINGTON – High crude oil prices top a list of factors that have combined to produce high gasoline prices in today’s high-demand, tight supply world energy market. Even so, U.S. consumers and businesses have abundant supplies as the oil and natural gas industry continues to produce record amounts of fuels.

03/19/2008
U.S. fuel demand slips for February - API
WASHINGTON – Deliveries of all petroleum products in February – a measure of demand – slipped 1.3 percent from the same month one year ago, according to API’s Monthly Statistical Report. Gasoline and jet fuel deliveries rose but the increases were offset by declines in distillate fuel and residual fuel oil. The year-to-year demand increase for gasoline of 1.7 percent came despite retail gasoline selling at the highest nominal February prices ever. For more information, see also Petroleum Facts at a Glance  and Monthly Import Statistics for December 2007 (latest available).

03/13/2008
Senate proposal comes at worst time for consumers - API
WASHINGTON – API issued the following statement on Sen. Collins’ amendment to fund alternative energy with higher taxes on the U.S. oil and natural gas industry:

“With oil prices rising above $110 a barrel, Sen. Collins’ suggestion to pay for alternative fuel development by targeting the U.S. oil and natural gas industry could not come at a worse time for consumers. The bill would do nothing to alleviate the tight global crude oil supply-demand balance that contributes to high prices. Rather than encouraging new domestic oil and natural gas production, Sen. Collins’ proposal would further reduce our energy security by diverting money that could otherwise be used to make the substantial investments required to increase domestic oil and natural gas production. If adopted, the proposal would threaten U.S. jobs and penalize the millions of retirees and workers whose pension funds, IRAs and 401ks are invested in oil and natural gas company stock.

“Consumers would be adversely affected by tax policies that contribute to an already volatile  energy market in which oil prices have been driven higher by strong global demand, a weak U.S. dollar, tight spare production capacity, and rising geopolitical tensions.”

Karen Matusic | 202.682.8118 | matusick@api.org
Robert Dodge | 202.682.8127 | dodger@api.org

03/11/2008
API 2008 Basic Petroleum Data Book, First Edition Available
WASHINGTON – Orders are now being accepted for API’s 2008 Basic Petroleum Data Book (Volume 28, No. 1), first edition. The Data Book is a compendium of U.S. and international petroleum statistics beginning, in most instances, in 1947.  The Data Book contains historical data on worldwide oil and natural gas reserves, exploration and drilling, production, refining, transportation, historical prices, product demand, imports, exports and environmental information. A glossary and a source list (names and telephone numbers) are also included in the nearly 600-page book.

02/26/2008
House tax bill threatens U.S. energy security - API
WASHINGTON – API issued the following statement on proposed tax legislation in the House targeting the oil and natural gas industry:

“It is regrettable that the House is resurrecting an idea wisely rejected by Congress last year.  New taxes targeting the U.S. oil and natural gas industry will even further reduce our energy security by discouraging new domestic oil and natural gas production and refinery capacity expansions, and will tilt the competitive playing field for global energy resources against U.S. based companies. The discriminatory bill would discourage investment in domestic fuel production, hurt consumers, threaten U.S. jobs and penalize the millions of retirees and workers whose pension funds, IRAs and 401ks are invested in oil and natural gas company stock.

“U.S. oil and natural gas companies pay considerably more in taxes as a percentage of their income than do all U.S. manufacturing companies. According to the federal Energy Information Administration, in 2006, the top 27 energy producing companies paid more than $81 billion in income taxes (an 82 percent increase in just two years). Their 2006 income taxes, as a share of net income before income tax, averaged 40.7 percent compared to 22.1 percent for all U.S. manufacturing companies.”

Karen Matusic | 202.682.8118 | matusick@api.org

02/13/2008
U.S. fuel demand flat for January - API
WASHINGTON – Deliveries of all petroleum products in January – a measure of demand – were flat compared with deliveries for the same month one year ago. While both gasoline and distillate deliveries rose, the increases were offset by declines in both jet fuel and residual fuel oil deliveries. The year-to-year demand increase for gasoline of 1.6 percent came despite gasoline selling at the highest nominal January prices ever at over $3 per gallon, according to API’s Monthly Statistical Report. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for November 2007 (latest available).

02/12/2008
API President and CEO Red Cavaney’s Letter to Congress on Energy Tax Legislation
WASHINGTON - In a letter to Congress, API President and CEO Red Cavaney said energy tax legislation would hurt future U.S. energy security, impose a harmful tax increase on the economy and hurt millions of hard-working Americans whose retirement or private accounts are invested in publicly traded oil and natural gas companies. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for October 2007 (latest available).

 Red Cavaney Letter to Congress
Size: 33 KB | Date: February 12, 2008 | License: Free

02/06/2008
Chukchi sale step toward enhancing US energy security:API
WASHINGTON – “The Chukchi Sea lease sale is a welcome first step toward increasing much-needed energy supplies for U.S. consumers and the U.S. economy," API said in a statement.

01/24/2008
U.S. drilling, completion estimates hit 22-year high in 2007 
WASHINGTON – U.S. drilling estimates for 2007 show that oil and natural gas exploration remains robust as activity was twice the level recorded during the lows of the early to mid-1990s, API said.  Estimated natural gas drilling was at a record high, according to API’s 2007 Quarterly Well Completion Report.

01/17/2008
U.S. fuel production at record-high in 2007, demand flat - API
WASHINGTON – U.S. fuel production reached a record high in 2007 as refinery capacity expanded for the 11th straight year, API data show. U.S. crude oil production also rose in 2007, the first annual increase since 1991, according to API’s year-end Monthly Statistical Report. The API statistics also showed that U.S. oil demand was flat in 2007, the third straight year of stagnant or lower oil demand in the world’s largest oil-consuming nation. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for October 2007 (latest available).

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