Archive

2007 Archive 
(For 2006 news items, please see 2006 Archive)

12/19/2007
U.S. fuel production continues record pace, demand flat – API
WASHINGTON – U.S. fuel production for the year to date maintained its record-breaking pace in November despite relatively stagnant demand for refined products, as measured by deliveries from primary storage, API data show. In its Monthly Statistical Report covering November 2007, API noted that U.S. crude oil production rose to 5.16 million barrels a day, the highest level since May and up one percent from year-ago levels. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics  for September 2007 (latest available).

12/13/2007
API statement on Senate energy legislation
WASHINGTON – API issued the following statement:

“API is pleased that the Senate did the right thing by removing a tax title that would have threatened U.S. energy production and jobs.

 “There are provisions promoting energy efficiency in the legislation that will enhance our nation’s energy security. However, we remain concerned by the unrealistic biofuels mandate.

"We look forward to a new, collaborative process to produce a truly balanced energy policy to strengthen America’s energy security.”

Karen Matusic | 202.682.8118 | matusick@api.org

12/13/2007
API applauds Senate for its action on energy legislation
WASHINGTON – API issued the following statement:

“We applaud the Senate for recognizing the adverse effect that increased taxes would have had on future energy supplies. “The remaining legislation contains provisions which will enhance our nation’s energy security. However, we have serious concerns about elements of the bill regarding biofuels. We hope that these will be addressed in subsequent actions, including regulatory rule-making.”

Karen Matusic | 202.682.8118 | matusick@api.org

12/12/2007
API says energy legislation still fails consumers
WASHINGTON – API issued the following statement:

“The tweaks the Senate has made to the counterproductive House energy bill will do nothing to produce more, much-needed oil and natural gas supplies for American consumers. The tax provisions target the oil and natural gas industry to pay for costly, and, in some cases, unrealistic alternative energy programs. This will be at the expense of consumers who will still require significant amounts of oil and natural gas for decades to come. The combined impact of the tax provisions and a complicated, unworkable renewable fuels mandate will likely result in higher costs for consumers, job losses and less, not more, energy security for our nation.”

Karen Matusic | 202.682.8118 | matusick@api.org

12/07/2007
Cavaney urges Senate to defeat House energy bill In a letter, API
President Red Cavaney urged U.S. senators to reject House energy legislation that "could result in serious harm" to the economy. "At a time of tight supply and demand, the legislation would do absolutely nothing to bring to the marketplace one more gallon of gasoline or diesel or one more cubic foot of natural gas. In fact, the opposite may be true," Cavaney wrote.

 Red Cavaney letter to the Senate
Size: 33KB | Date: December 6, 2007 | License: Free

12/06/2007
API says House ducked opportunity to help consumers
WASHINGTON – API issued the following statement:

“The House ducked the opportunity to craft balanced energy legislation that would ensure reliable energy supplies for American consumers. The tax provisions are counterproductive, making it more difficult to expand domestic oil and natural gas production and refining capacity while costing American jobs. By imposing an unrealistic mandate for a five-fold increase in renewable fuel use by 2022, the bill over-promises on the potential of renewables to reduce petroleum demand and is likely to significantly increase the cost to produce motor fuels. We urge the Senate to reject this unsound legislation."

Karen Matusic | 202.682.8118 | matusick@api.org

12/05/2007
API President urges House to vote against energy bill
API President Red Cavaney sent a letter to members of the House of Representatives urging them to vote against pending energy legislation and begin work on a “new, collaborative process to produce a truly balanced energy policy for America’s future.” In the letter, Cavaney wrote: “At the beginning of the year we shared the hope of many Americans that Congress would, at last, pass a balanced energy bill that would lead to greater energy security for our nation in this time of extraordinary global challenges. However, we have now arrived at the conclusion that the energy legislation (HR 6) you will soon be asked to vote on falls far short of that goal.”

 Red Cavaney letter to the House of Representatives
Size: 32KB | Date: December 5, 2007 | License: Free

12/04/2007
API Says House energy legislation is counterproductive
WASHINGTON – API issued the following statement: 

“The House bill does nothing to improve our nation’s energy security or ensure reliable energy supplies for American consumers. The $21 billion tax provision is counterproductive in that it takes capital away from expanding domestic oil and natural gas production and refining capacity. The renewable fuel title sets up a new crazy-quilt of boutique biofuels that will strain, and could break, the nation's fuel supply system. Our nation needs a balanced energy policy that promotes improved efficiency and production of all forms of energy."

Karen Matusic | 202.682.8118 | matusick@api.org

11/16/2007
Static fires at gas pumps no urban myth but are preventable
WASHINGTON – Fires caused by static electricity at the gasoline pump are no urban myth, but they are preventable if motorists follow all safe refueling practices when they top off their tanks.

11/14/2007
Growth in gasoline demand slows for October, API report shows
WASHINGTON – As October retail gasoline prices rose, supplies delivered to U.S. consumers for the month – an average of 9.35 million barrels per day – inched above those of a year ago by a modest 0.9 percent. Meanwhile, overall domestic petroleum deliveries turned slightly down, led by a fall in distillate deliveries of more than 3 percent compared with strong October 2006 distillate numbers.  In its Monthly Statistical Report, covering October 2007, API noted that crude oil, gasoline and jet fuel inventories declined for October. partly due to a reduction in crude oil imports. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for August 2007 (latest available).

11/13/2007
Study Says Energy Legislation Would Hurt Economy
WASHINGTON, Nov. 13, 2007 – Energy legislation pending in Congress likely would have significant adverse effects on the economy and consumers – including nearly 5 million lost jobs and $1 trillion in lost economic output, according to a report released today by API.

 Proposed Energy Bill Study Report
Size: 353 KB | Date: November 2007| License: Free

 State-level Results
Size: 238 KB | Date: November 2007 | License: Free

11/06/2007
API Opens Beijing Representative Office
BEIJING – API today officially opened its Beijing representative office at a ceremony attended by government officials, industry leaders and other guests at the Ritan Inn House in Beijing. The office, API’s first facility outside the United States, will promote cooperation and the exchange of information between the U.S. and Chinese oil and natural gas industries.

 Cavaney Statement at Opening Ceremony
Size: 116 KB | Date: November 6, 2007 | License: Free

 Cavaney Statement at Beijing Press Briefing
Size: 87 KB | Date: November 6, 2007 | License: Free

10/22/2007
U.S. drilling & completion Q3 estimates at 22-year high – API
WASHINGTON – U.S. drilling estimates for the third quarter of 2007 are at twice the level of third quarter drilling activity recorded during the 1990s and the first nine months of U.S. drilling estimates haven’t been this high since 1985, API data show.

10/17/2007
U.S. fuel production maintains record pace, demand up - API
WASHINGTON – Despite a slowdown in September, U.S. fuel production for the year to date continued its record pace while September’s demand for refined products rose, as measured by deliveries from primary storage, API data show. In its Monthly Statistical Report covering September 2007, API noted that year-to-date gasoline output was at an all-time high of more than nine million barrels per day though September’s production was down 0.4 percent from September 2006. Distillate production was also at a year-to-date record high at the end of the month though September production was 3.3 percent below last September’s all-time monthly record. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for July 2007 (latest available).

09/19/2007
New study finds ownership of America’s oil and natural gas companies “broadly middle class”
WASHINGTON – Who owns ‘Big Oil?’ It’s not who you think. As Congress debates national energy policy, a new study finds that ownership of oil and natural gas company shares is made up of a broad cross section of Americans.

09/19/2007
Distillate stocks rising ahead of winter but down from year-ago-API
WASHINGTON – With heating oil season just a couple months away, U.S. distillate inventories began September at their highest level since January but they remain more than eight percent below year-ago levels, API data show. In its Monthly Statistical Report covering August 2007, API noted that total stocks of distillate, including home heating oil, ended the month up nearly five million barrels above end-July levels but stood at their lowest August level since 2004. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for June 2007 (latest available).

08/30/2007
FTC issues report on gasoline prices
Washington -- The Federal Trade Commission today issued a Report on Spring/Summer 2006 Nationwide Gasoline Price Increases.

08/15/2007
Record gasoline production boosted by highest refinery utilization rate in 10 months: API
WASHINGTON – U.S. refineries boosted utilization rates in July to 90.8 percent, the highest rate since last September. This contributed to industry production of gasoline that, at 9.325 million barrels per day, surpassed June’s all-time record; and to a record combined output of all major products of 15.6 million barrels per day, according to the latest API Monthly Statistical Report. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for May 2007 (latest available).

08/04/2007
API statement on passage of House energy legislation
WASHINGTON, August 4 -- API today issued the following statement on passage of energy legislation by the U.S. House of Representatives:
      "The House energy legislation is the wrong prescription for a secure energy future. It would discourage production of the energy Americans must have to maintain a thriving economy with strong job creation and improving living standards. The legislation would move good-paying jobs overseas, increase imports, and hurt consumers. It is premised on the false idea the nation must choose between alternatives and oil and natural gas. We need all forms of energy and will continue to need them for generations to come."

Bill Bush | 202.682.8069| bushw@api.org

08/01/2007
API 2007 Gold Medal for Distinguished Achievement
WASHINGTON, August 1 -- James C. Day, the former chairman and chief executive officer of Noble Corp., is the 2007 recipient of the American Petroleum Institute’s Gold Medal for Distinguished Achievement.

07/18/2007
API statement on NPC report
WASHINGTON – API today issued the following statement regarding the report released by the National Petroleum Council:

“To continue to provide consumers the fuel and products they want and need, our nation must have energy from all sources – including oil and natural gas – as well as greater energy efficiency. That is the finding of the National Petroleum Council report. America’s oil and natural gas industry stands ready to be an essential part of our nation’s energy future.

“We are encouraged that the NPC recognizes numerous points we have been emphasizing for some time. We believe that Americans are ready for our nation’s leadership to move beyond their differences towards achieving the greater goal of sound energy policy. We encourage that leadership to carefully use this report as a key resource.”

Bill Bush | 202.682.8069| bushw@api.org

07/18/2007
U.S. drilling & completion half-year estimates at 21-year high – API
WASHINGTON – Replicating first quarter 2007 estimates, U.S. drilling estimates for the second quarter of 2007 are at twice the level of second quarter drilling activity recorded during the 1990s. Together, the first six-months of U.S. drilling estimates haven’t been this high since 1985, API said.

07/18/2007
U.S. gasoline production sets records, API report shows
WASHINGTON – Record gasoline supplies were delivered to U.S. consumers for the first six months of 2007, API said today. Major-product output overall also reached an historical high.  January-through-June gasoline deliveries – a measure of demand – were more than 9.2 million barrels a day, according to API’s Monthly Statistical Report. Record gasoline production of 8.9 million barrels a day and strongly recovering imports of gasoline in the second quarter contributed to the record supplies.  For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for April 2007 (latest available)

06/29/2007
No quick fixes to energy challenges, Cavaney tells Congress
On a letter to members of Congress, API President and CEO Red Cavaney cautions against a rush to impose legislation that would do more harm than good in the battle to meet our nation's energy challenges. "Oil and natural gas are the indispensable bridge to anyone’s projected realization of an alternative fuels future," Cavaney said.
Letter to Congress

06/27/2007
Survey reveals lack of knowledge on basic energy questions
A new survey commissioned by API and conducted by Harris Interactive has found that the majority of Americans lack fundamental knowledge when it comes to basic questions regarding supply and demand of energy, as well as the role of America’s oil and natural gas companies.

06/21/2007
API issues industry guidelines on portable building siting
WASHINGTON – API issued a new recommended practice that provides guidance for reducing the risk to personnel located in portable buildings from potential explosion, fire and toxic release hazards. The recommended practice was developed in response to new data and information about the use of trailers at refineries, including information gained from the investigation of the Texas City refinery tragedy.


06/19/2007
API statement on Senate panel passage of energy tax bill
WASHINGTON – API issued the following statement following the Senate Finance Committee passage of the “Energy Advancement and Investment Act of 2007”: “While promoting alternative energy resources is a worthy goal, doing so by imposing new taxes on the U.S. oil and natural gas industry would actually work against insuring reliable and stable energy supplies for American consumers. According to the U.S. Department of Energy, the U.S. will consume 28 percent more oil in 2030 than in 2005, and 19 percent more natural gas."

06/13/2007
Flat demand, rising imports, output helps rebuild gasoline stocks-API
WASHINGTON – Relatively weak U.S. gasoline deliveries, a proxy for demand, combined with record high domestic production and rising imports to help replenish U.S. gasoline inventories in May though they remain below year-ago levels, API data show. In its Monthly Statistical Report covering May 2007, API noted that gasoline inventories ended the month nearly 10 million barrels above end-April levels but were still 2.7 percent below year-ago levels after several months of low import levels and record demand. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for March 2007 (latest available)

05/30/2007
Industry prepared for 2007 hurricane season - Cavaney
The nation’s oil and natural gas industry is better prepared for ahead of the 2007 hurricane season, API President and CEO Red Cavaney said during a joint press conference with the Minerals Management Service, the Department of Energy and the US Coast Guard.  API also published three new bulletins to help industry apply the latest understanding of environmental conditions in and around the Gulf of Mexico to make offshore facilities more resilient during hurricane season.

 Text of Cavaney Statement
Size: 11 KB | Date: May 30, 2007 | License: Free

05/25/2007
Cavaney tells Congress of his concern about proposed legislation
In a letter to members of Congress, API President and CEO Red Cavaney underlined the oil and natural gas industry commitment to providing Americans with the energy they need – “record investments to produce record supplies to meet record demand.” He also expressed concern about a “series of legally ambiguous legislative proposals do not reflect basic energy economics and, if enacted, will likely produce unintended, anti-consumer consequences.”

 Text of Cavaney Letter to Congress
Size: 49 KB | Date: May 24, 2007| License: Free

05/23/2007
Cavaney sets record straight in letter to Sen. Schumer
In a letter to Sen. Charles Schumer, chairman of the Senate Joint Economic Committee, API President and CEO Red Cavaney offered some observations following a JEC hearing to “set the record straight” about the “the numerous, unfounded accusations against the industry”. Cavaney noted the “overwhelming evidence” of healthy competition among the nation’s oil and natural gas companies.

 Text of Cavaney Letter to Sen. Schumer
Size: 79 KB | Date: May 23, 2007| License: Free

05/23/2007
API Says House Price Control Bill Misses Mark
WASHINGTON, May 23 – API president and CEO Red Cavaney issued the following statement today following House passage of H.R. 1252:

“We’re disappointed the House is making this bill the cornerstone of its energy policy.  It is a flawed political solution to a matter that needs a long-term, viable solution, which includes increased energy efficiency, enhanced access to traditional, domestic oil resources, and diversification of energy supplies.

“The legislation is a cousin of the disastrous 1970s price and allocation controls, which created product shortages and put consumers in gasoline lines.  It is discouraging that the lessons of the past are being ignored, which could harm consumers and the nation’s energy security. 

“The legislation will discourage bringing more supplies into the market and discourage greater efforts at energy conservation.  By capping prices, it would likely spur consumer demand while at the same time discouraging additional supplies.  In other words, the legislation will do the exact opposite of what’s needed to bring down prices and strengthen the nation’s energy security.

“There is no question that higher prices are burdening consumers.  We understand that.  U.S. gasoline production is at record highs, and companies are adding capacity to make even more gasoline.  What the House has done today misses the mark – neither adding to supply or reducing demand.”   

Bill Bush | 202.682.8069| bushw@api.org

05/23/2007
Statement of API President and CEO Red Cavaney before the Joint Economic Committee
Industry mergers are not a cause of higher gasoline prices, API President and CEO Red Cavaney told the Senate Joint Economic Commission in a hearing. “In fact, mergers contribute to production efficiencies that benefit consumers. As with all industries, mergers have occurred only after careful Federal Trade Commission (FTC) scrutiny to ensure the competitiveness of markets,” Cavaney said.

 Cavaney Oral Statement
Size: 17 KB | Date: May 23, 2007 | License: Free

05/16/2007
Price control legislation misguided and counterproductive: API
API chief economist John Felmy presented testimony to the House Judiciary Committee’s Antitrust Task Force at its hearing on “Prices at the Pump: Market Failure and the Oil Industry.” Felmy said, “The contention that higher prices are driven by market failure or market manipulation… is not credible. The prices are a symptom of larger energy challenges facing the nation and must be addressed in other ways.”

Felmy Written Testimony
Size: 38 KB | Date: May 16, 2007 | License: Free

Felmy Oral Statement
Size: 26 KB | Date: May 16, 2007 | License: Free

05/16/2007
U.S. gasoline production continues record pace in April, API says
WASHINGTON – U.S. gasoline production in April was four percent above year-ago levels as the nation’s refiners continue to squeeze more gasoline out of a barrel of crude than ever before, API data show. In its Monthly Statistical Report covering April 2007, API noted that U.S. production of distillate fuel oil and residual fuel oil also rose in the month and ultra-low sulfur diesel output reached a new monthly record high of 2.78 million barrels per day, to make up more than 82 percent of all low-sulfur distillate production. Gasoline production during the first four months of 2007 averaged 8.73 million barrels per day, the highest ever for the January-April period. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for February 2007 (latest available)

05/14/2007
API statement on White House comments on alternative fuel plan
WASHINGTON – The American Petroleum Institute issued the following statement today following President Bush’s comments on an alternative fuel plan:

“API is pleased that the Bush administration has decided to undertake a full rulemaking and comment approach that recognizes the technological challenges and significant infrastructure hurdles that must be resolved to significantly increase renewable and alternative fuels in the nation’s fuel mix.

 “We believe that renewable and other alternative fuels have an important role to play in meeting U.S. energy needs. Our industry has invested heavily to meet and exceed the federal requirement for ethanol-blended gasoline. In 2006, we used 25 percent more than required -- and, according to Energy Information Administration estimates, will exceed the 2007 requirement as well.

“The president’s plan calls to increase the use of alternative fuels in the fuel mix to 35 billion gallons by 2017. Ethanol has a role as a transportation energy source, but that role will be limited until significant technology breakthroughs permit economic production of ethanol from biomass (cellulosic). The timing of such breakthroughs is highly speculative. There is no guarantee that technologies would emerge to enable large-scale economic cellulosic ethanol production in the next decade and ensure reliable energy for U.S. consumers at affordable prices. It is critical that any alternative fuels standard include regular technology and feasibility reviews that would trigger appropriate adjustments to mandates to ensure companies and consumers are not penalized due to obstacles that might prevent meeting usage targets.

Karen Matusic | 202.682.8118 | matusick@api.org

05/09/2007
Price controls not the way to meet U.S. energy challenges: API
WASHINGTON – Rising gasoline prices are a burden on U.S. consumers but they should not be viewed in isolation from the U.S. energy situation and should not lead to federal price controls that could hurt consumers, API Chief Economist John Felmy told a House panel. In testimony submitted to the House Select Committee on Energy Independence and Global Warming, Felmy said the oil and natural gas industry understands the frustrations consumers are expressing about gasoline prices and outlined the ways industry is working hard to meet the growing needs of American consumers.

05/08/2007
API Testifies on Proposed Expansion of Renewable Fuels Standard
WASHINGTON – In testimony before the House Energy and Commerce Subcommittee on Energy and Air Quality, Bob Greco, API’s Downstream  and Industry Operations Group Director, emphasized the substantial progress made by the industry expanding the use of renewable energy in motor fuels.  He said, “By relying, to the greatest extent possible, on market forces, understanding consumer impact and preferences, encouraging development of new technologies, and addressing the impacts of expanded renewable fuel usage,” we will put the nation in the best position to meet its future energy challenges.

 
Greco written testmony
Size: 59 KB | Date: May 8, 2007 | License: Free

Greco oral testimony
Size: 29 KB | Date: Mary 8, 2007 | License: Free

05/03/2007
API Statement on Senate biofuels bill
WASHINGTON – API issued the following statement commenting on Senate Energy and Natural Resources Committee approval of biofuels legislation, S. 987: “API supports a realistic and workable renewable fuels standard. Our industry is the nation's largest user of ethanol and is increasing the volume of renewable fuels in America’s transportation fuel portfolio."

04/30/2007
API statement on oil and natural gas 5-year leasing plan
WASHINGTON – The American Petroleum Institute issued the following statement today following release of the U.S. Minerals Management Service’s new 5-year plan designating additional areas for potential oil and natural gas leasing:

“We are encouraged that MMS is offering lease sales in areas where we are already exploring and producing in the Gulf of Mexico, such as the Sale 181 area (parts of which were opened last year by Congress), along with new areas south of Sale 181 and new areas off the coast in Virginia and in Bristol Bay, Alaska. Oil and natural gas from these areas could make a significant contribution to meeting the nation’s future energy needs.

“Nevertheless, it is important to remember that most U.S. offshore areas in the lower 48 states (some 80 percent of the federal outer continental shelf) remain off limits to oil and gas exploration and that these areas contain vast amounts of oil and natural gas. According to MMS, they hold an estimated 18.9 billion barrels of oil and 85.9 trillion cubic feet of natural gas. This is enough oil to heat nine million homes and power 20 million cars for 30 years and enough gas to heat 37 million homes for 30 years. Despite anticipated ‘robust growth’ in renewables between 2007 and 2030, the U.S. Energy Information Administration projects an increase in oil consumption of nearly 30 percent and natural gas consumption of nearly 19 percent over the same period. The rich energy resources now locked up off our coasts will clearly be needed.

“The decision to prohibit development of these energy reserves is also inconsistent with the excellent environmental record established by offshore oil and gas producers, which was highlighted by the stellar performance of offshore production platforms during the unprecedented Gulf of Mexico hurricanes in 2005.”

04/26/2007
U.S. drilling activity continues robust pace-API
WASHINGTON – U.S. first quarter 2007 drilling estimates hit a 21-year high and were nearly twice the level of first quarter drilling activity recorded during the 1990s, API said.  API’s 2007 Quarterly Well Completion Report: First Quarter estimated 11,771 oil wells, natural gas wells and dry holes were completed in the first quarter of 2007, up one percent from the first quarter of a year ago.

04/20/2007
Red Cavaney: Blogger Conference Call on Energy and the Environment
WASHINGTON, April 18 - API President and CEO Red Cavaney took part in a conference call with energy bloggers on the topic “Energy and the Environment,” during which he discussed a number of issues, including clean diesel, ethanol, tar sands production, and climate change.

 Read the transcript 

04/18/2007
Marathon Pipe Line LLC Wins API 2006 Distinguished Environmental and Safety Performance Award
WASHINGTON, April 18 – API awarded its 2006 Distinguished Award for Outstanding Safety and Environmental Performance to Marathon Pipe Line LLC, an indirect, wholly-owned subsidiary of Marathon Oil Corporation.  Joe Baker, President, Marathon Pipe Line LLC, accepted the award today at API’s 58th annual pipeline conference in Albuquerque, New Mexico.

04/18/2007
Gasoline demand dips in March, Q1 output hits record high: API
WASHINGTON – U.S. gasoline demand slipped in March amid rising pump prices, but managed to end the first quarter 1.7 percent above year-ago levels after strong deliveries earlier in the quarter, API data shows. In its Monthly Statistical Report covering March 2007, API also noted that U.S. gasoline production rose six percent in the first three months of the year to a record high 8.8 million barrels per day. At the same time, imports slumped 18 percent. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for January 2007 (latest available)

04/12/2007
API President testifies before Senate panel during biofuels hearing
In testimony before the Senate Energy and Natural Resources Committee, API President and CEO Red Cavaney said that the U.S. oil and natural gas industry is the nation’s largest user of ethanol and is increasing the volume of renewable fuels in America’s transportation fuel portfolio. “The most economical and practical use of ethanol is as a 10 percent blend in gasoline,” he said. “E-10 is already used in many parts of the country. It requires no modification to vehicles, no major changes to service station pumps and storage tanks, and has a long history of successful use by consumers.”

 Click here for written testimony

 Click here for testimony as delivered

03/20/2007
API, NPRA issue statement on CSB report on Texas City
WASHINGTON – API and NPRA today issued the following statement on the U.S. Chemical Safety Board’s report on the March 2005 Texas City refinery accident:

“The U.S. refining and petrochemical industry will carefully review the CSB report and is committed to learning where and how safety improvements can be made to avoid the terrible tragedy like the one that occurred at the Texas City refinery.

“Our industry takes very seriously its responsibility for the safety and health of our employees and the communities in which we operate. We have a long-standing commitment to developing and implementing industry standards and best practices focused on safe operations. As part of our industry’s efforts, API and NPRA have formed a broad coalition of industry organizations and experts to evaluate ways of continuing to improve process safety at all facilities.”

Karen Matusic | 202.682.8118 | matusick@api.org
Nicole Friedman| 202.457.0480| nfriedman@npra.org

03/14/2007
Strong demand, lower imports dent U.S. oil inventories-API
WASHINGTON – U.S. oil inventories registered a sizeable drop in February after demand for all major oil products rose while imports fell to their lowest levels in more than three years, data compiled by the American Petroleum Institute show. In its Monthly Statistical Report covering February 2007, API said the nation’s crude oil inventories fell three percent from January levels to stand at 318.4 million barrels, 6.8 percent below February 2006 levels, the biggest year-on-year decline since June 2003. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for December 2006 (latest available)

03/06/07
SMU Cox to Offer Executive Education to Energy Professionals 
WASHINGTON – API today signed an agreement with SMU Cox School of Business in Dallas authorizing the school to develop and deliver its Executive Education curriculum and other customized education-related services to oil and natural gas industry professionals worldwide.

03/01/2007
API Highlights Joint Efforts to Increase Ethanol Use
WASHINGTON – API today called attention to the cooperative efforts of the oil and natural gas industry and ethanol/agricultural interests in dramatically increasing use of ethanol to meet the transportation fuel needs of U.S. consumers.

02/20/2007
Industry outlines policies to enhance energy security

Video highlights of Red Cavaney's address:

 Red Cavaney: National Press Club Photo and Video Gallery

02/14/2007
U.S. oil demand rises in January, API monthly data report shows
WASHINGTON – U.S. oil demand rose in January compared to year-earlier levels as falling pump prices and relatively clear driving conditions boosted gasoline use. Demand for jet fuel and distillate fuel oil also posted year-on-year increases, data compiled by the American Petroleum Institute show. In its Monthly Statistical Report covering January 2007, API also noted that U.S. gasoline production reached an all-time high for January, the ninth straight same-month record. For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics for November 2006 (latest available)

01/23/2007
API statement on State of the Union address
WASHINGTON - The U.S. oil and natural gas industry is committed to continuing as our nation’s supplier of reliable and affordable energy to American consumers, API said in a statement in reaction to President Bush's State of the Union address. “Ethanol and other biofuels have an important role in our nation’s present and future energy mix," API said. The industry is dedicated to playing a vital role in increasing ethanol use in the U.S. gasoline pool. "Attaining the full volumes included in the Administration’s proposal will require additional technological breakthroughs," API said.

01/19/2007
U.S. oil demand slips in 2006, refinery capacity expands - API
WASHINGTON – Higher fuel prices and mild winter weather led to lower U.S. oil demand in 2006 even as economic growth bolstered diesel fuel use, API reported in its year-end Monthly Statistical Report. For more information, see Petroleum Facts at a Glance and Monthly Import Statistics for October, 2006 (latest available).

01/18/2007
HR. 6 is a repeat of past energy policy failures - API
WASHINGTON - API issued the following statement today following House approval of HR 6 that would increase taxes on U.S. oil and natural gas companies: "HR 6 is a repeat of failed energy legislation and is a disappointment for all Americans who want to insure a secure energy future. Punitive taxes on the U.S. oil and natural gas industry are ultimately anti-consumer and contrary to the goal of providing stable and cost-effective supplies."

01/18/2007
API President gives "State of the Energy Industry” speech
U.S. API President and CEO Red Cavaney urged Congress to take a measured approach to energy policy. Cavaney told the “State of the Energy Industry” forum, sponsored by the United States Energy Association, that “it is better to get energy policy right than to get it fast but potentially harmful." He also said that the “long lead-times, massive investments, and enormous scale of operations mean government decisions on energy policy can have a profound impact in shaping future energy circumstances.”

 The State of the Energy Industry 2007 Presentation

01/16/2007
API Statement on the Baker report
WASHINGTON – The American Petroleum Institute issued the following statement today following release of the Baker report on the incident at BP’s Texas City facility in March 2005: “API member companies are committed to safe and environmentally sound operations, and U.S. refiners have maintained a strong safety record despite a challenging work environment that involves heavy equipment, hazardous materials, high temperatures and high pressure equipment.

01/16/2007
HR. 6 is a step backward for U.S. energy security - API
WASHINGTON – API today issued the following statement regarding House bill HR 6 that would increase taxes on U.S. oil and natural gas companies: “HR 6 would be a step backward for U.S. energy security. Imposing taxes on the U.S. oil and natural gas industry is contrary to the goal of providing stable and cost-effective supplies of energy for American consumers and discourages the tremendous capital investments needed to meet the nation’s growing energy needs."

01/16/2007
U.S. drilling & completion estimates hit 21-year high – API
WASHINGTON – U.S. oil and natural gas drilling estimates for 2006 show that activity remains robust with nearly twice the level of activity recorded during the lows of the early to mid-1990s, API said.