7/18/2008
U.S. oil demand drops in first half of 2008
WASHINGTON – U.S. oil demand was significantly down for the first six months of 2008, API said today in its Monthly Statistical Report.  While U.S. refiners churned out record and near-record amounts of oil products, imports – especially product imports -- fell substantially.  According to API’s Monthly Statistical Report, year-to-date oil demand continues to lag behind 2007 levels. U.S. oil deliveries from January through June 2008 averaged 20.08 million barrels per day, 3.0 percent below the first six months of 2007. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for April 2008 (latest available).

7/16/2008
API President and CEO Red Cavaney addresses the USEA Energy Supply Forum
API president and CEO Red Cavaney explains that, "if we, in the United States do get our energy house in order in meeting our energy needs here at home and enhancing our energy relationships throughout the world, we will abdicate our leadership in global energy.  Rather than being one of the drivers of global energy development, we will be increasingly driven by those developments."

7/15/2008
U.S. Q2 exploratory drilling activity up 53 percent from year ago
WASHINGTON – It is estimated that U.S. oil and natural gas companies completed over 50 percent more exploratory wells in the second quarter of 2008 than they did in the corresponding period a year ago, as the industry continues to boost activity in the exploration and production sector, according to API’s second-quarter drilling estimates.

7/14/2008
API comments on lifting of the presidential drilling ban
WASHINGTON – API has issued the following statement on President Bush lifting the “presidential withdrawal” prohibiting leasing off the East and West coasts and a portion of the eastern Gulf of Mexico.

06/26/2008
Access critical to addressing U.S. energy challenges: Cavaney
WASHINGTON – In a letter to Congress before the 4th of July holiday week, API President and CEO Red Cavaney talked about the impact of high prices on U.S. product deliveries, noting they were down “for the January-May period for the first time since 1991.” He said that strong world demand for crude oil was nonetheless keeping upward pressure on prices and that it was important to supply more of the oil and natural gas we consume from resources we could be developing here at home. “Our nation,” he concluded, “needs a much stronger commitment to energy efficiency, as well as all the economically viable energy that can be provided in an environmentally sound manner. There are no simple, quick solutions to our energy challenges, but bipartisan cooperation, in concert with industry and other stakeholders, can make a stronger energy future possible.”

06/20/2008
"Idle" lease claims based on lack of understanding: Cavaney 
WASHINGTON - In a letter to Congress, API President and CEO Red Cavaney said that proposed legislation that would deny new leases to oil and natural gas companies that have so-called "idle" leases would keep more of America's vast energy resources locked up underground and seriously harm the nation’s ability to produce sufficient energy to meet demand. Cavaney said these claims of “idle” leases are “based on a lack of understanding of the mechanics and due process involved in oil and natural gas exploration and production.”

06/20/2008
Exploring America's Energy Future
America needs a balanced, fact-based energy policy that promotes energy efficiency and conservation and greater supplies of all forms of energy, including domestic oil and natural gas. Congress must act to expand access to the abundant supplies of domestic oil and natural gas that have been off-limits to drilling for decades.

06/20/2008
Facts About Non-Producing Leases
See the latest claims and facts surrounding non-producing federal leases.

06/18/2008
U.S. May gasoline demand down 1.4 percent from year ago
WASHINGTON – U.S. gasoline demand in May, as measured by deliveries, fell 1.4 percent below year-ago levels, dragging year-to-date demand for gasoline down one percent, the first gasoline demand drop for the January-May period since 1991, API data show. According to API’s Monthly Statistical Report, year-to-date oil demand continues to lag behind 2007 levels. U.S. oil deliveries from January through May 2008 averaged 20.2 million barrels per day, 2.5 percent below the first five months of 2007. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for March 2008 (latest available).

06/05/2008
Red Cavaney announces retirement from API
WASHINGTON – Red Cavaney has announced his intent to retire and will step down November 1, 2008 as the President and Chief Executive Officer of the American Petroleum Institute (API).  Jack Gerard, who is President of the American Chemistry Council (ACC), has been selected as his successor. 

06/03/2008
Natural Gas Council study says Lieberman-Warner would increase demand for natural gas
WASHINGTON – A new report issued by the Natural Gas Council (NGC) estimates that the Lieberman-Warner climate change legislation would increase U.S. demand for natural gas. An API-commissioned study issued last month, which did not look at demand impacts, says the legislation would likely reduce U.S. natural gas production.

05/19/2008
API President addresses Forum Club of Palm Beaches
PALM BEACH - API President and CEO Red Cavaney told the Forum Club of the Palm Beaches that the U.S. could not meet its energy challenges if it did not understand the solutions to overcome those challenges. "We must recognize the critically important link between energy policy and investment. If oil and natural gas companies are to attract the investment they need to meet America’s energy needs, our nation must get its energy policy aligned with realities – that is essential to shaping a favorable climate that will attract investment," Cavaney said. "Our industry stands ready to play a constructive role with both government and consumers in developing an energy and climate change policy that ensures economic prosperity, jobs, and a secure energy future for both Florida and for our nation, in general."

05/14/2008
U.S. oil demand below year-ago despite slight rise in April
WASHINGTON – U.S. oil demand in April, as measured by deliveries of all petroleum products, rose a modest 0.2 percent over year-ago levels, the first time this year monthly demand averaged higher than the corresponding month in 2007, according to API’s Monthly Statistical Report. But year-to-date oil demand continues to lag behind 2007 levels. U.S. oil deliveries from January until April 2008 averaged 20.2 million barrels per day, 2.4 percent below the first four months of 2007. Despite rising prices, gasoline, distillate and residual fuel oil deliveries registered modest year-on-year increases in April while jet fuel demand posted another year-to-year decline. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for February 2008 (latest available).

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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