11/14/2008
Shaping Our Energy Future: Challenges and Opportunities
Remarks to the Great Plains Energy Expo by American Petroleum Institute President and CEO Jack Gerard.
9/29/2008
API President and CEO Red Cavaney’s statement to Congress urges “sound energy policy” after lifting of drilling moratoria
WASHINGTON – In letter to members of Congress, API President and CEO Red Cavaney stated that if the right actions are taken in moving forward, it will mean more ample and secure energy supplies for the American people, more U.S. jobs, and less reliance on imported oil. If the United States doesn’t take steps to control its energy destiny, it puts at risk a better future for current and future generations. Large domestic supplies of oil and natural gas are critical to our energy future.
9/19/2008
API statement on oil and natural gas Industry’s offshore environmental record
View the statement of Doug Morris, Group Director for Upstream and Industry Operations, American Petroleum Institute, at the Senate Republican Conference’s Offshore Energy Production Hearing.
09/15/2008
API President and CEO Red Cavaney’s statement on hurricane recovery
The nation’s oil and natural gas industry is working diligently to get the energy infrastructure in the Gulf Coast region restarted and running at normal capacity. The industry is building on lessons learned from Hurricanes Katrina and Rita and using our know-how to deal effectively with disasters like Hurricane Ike.
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."
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
02/12/2008
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
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
11/13/2007
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
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
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
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
06/19/2007
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."
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
05/30/2007
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
05/14/2007
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.”
04/20/2007
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
04/12/2007
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
3/26/2007
Cavaney speaks to the Building Industry Association of Southern California
PASADENA, Calif - API President and CEO Red Cavaney discussed energy issues from both a national and California perspective with the Building Industry Association of Southern California.
3/26/2007
Cavaney addresses Caltech Executive Forum
PASADENA, Calif - API President and CEO Red Cavaney delivered a presentation to the Caltech Executive Forum entitled “It’s the Policy, Stupid: Meeting Energy Challenges in the 21st Century.”
03/22/2007
Cavaney testifies on refinery safety at House panel hearing
WASHINGTON - API President and CEO Red Cavaney testified on refinery safety before the House Committee on Education and Labor. Speaking on behalf of API and the National Petrochemical and Refiners Association, Cavaney told the panel that safety is a "moral imperative and äa top priority" for the industry. "No accident is acceptable. And, preventing the possibilty of a fatal accident like what happened at Texas City is a goal we work towards day in and day out," he said.
Click here for complete 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
02/20/2007
Industry outlines policies to enhance energy security
WASHINGTON – API today expressed confidence in the oil and natural gas industry’s ability to ensure energy supplies for future generations in the face of rising global demand. “America’s oil and natural gas companies recognize that we have a leadership role to play in delivering energy security for our country,” said Red Cavaney, API President and CEO, in remarks delivered at the National Press Club. “But all of us have a role to play in meeting this challenge – from leaders in business and government to the American people themselves.”
Video highlights of Red Cavaney's address:
Red Cavaney: National Press Club Photo and Video Gallery
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.
01/18/2007
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."
01/16/2007
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."
11/14/2006
API President to Congress: discriminatory taxes threaten supply
In a November 14 letter to Congress, API President and CEO Red Cavaney reminded lawmakers that America’s oil and natural gas industry annually reinvests more than its total net income to improve industry efficiency and productivity as well as search for, and produce, new energy supplies. "These investments are essential to ensuring America’s future energy security and are placed at risk by discriminatory tax regimes that hinder our ability to compete in the global search for, and production of, energy supplies," he said. Click here to download letter
10/11/2006
Cavaney Address Key Renewable Fuels Conference
ST. LOUIS -– Ethanol and other renewable fuels will play an important role in meeting the nation’s energy challenges in the 21st century, API President and CEO Red Cavaney told the Advancing Renewable Energy Conference.
09/29/2006
Cavaney updates Congress on nation's oil, gas picture
In a letter to Members of Congress, API President and CEO Red Cavaney noted that the nation is heading into the winter with fuel prices well below year-ago levels amid ample inventories of crude oil and refined products. "The market has responded to the high prices we witnessed earlier this year with increased supply and reduced demand, proving yet again that markets do work.," Cavaney wrote. Click here to download letter
09/21/2006
Energy Policy at the Crossroads, Cavaney Says
In a speech to the Commonwealth Club of California, API President and CEO Red Cavaney stressed the need for policymakers to recognize the changing realities in the world of energy and shape policies that reflect those realities, rather than relying on discredited policies of the 1970s. Click Here To Read Speech
07/28/2006
Cavaney Updates Congress On Nation’s Oil, Natural Gas Situation
In a letter to members of Congress ahead of the August recess, API President and CEO Red Cavaney provided an update of the nation’s energy situation. Cavaney explained that supply and demand fundamentals have driven crude oil and refined product prices sharply higher and consumers have responded by limiting fuel usage when they could. He also noted the industry’s hurricane preparedness and reiterated the readiness of API member companies to work with lawmakers to develop “workable solutions” to the nation’s long-term energy challenges.
07/19/2006
Briefing, API’s 2006 Mid-Year Review
Comments by John Felmy, API Chief Economist, and by Ronald J. Planting, Manager, Information and Analysis, Statistics Department, during a press briefing July 19, 2006 on the API 2006 Mid-Year Review.
06/29/2006
API Updates Congress on Energy Situation
API President Red Cavaney, in a letter to Congress dated 6/29, said that government should implement policies that allow access and encourage the application of private capital to develop existing and new sources of energy to ensure a diverse and robust supply. In a letter to lawmakers, Cavaney said that as an industry that annually reinvests more than its total net income in the search for new energy supplies for consumers, it is important that elected leaders resist the temptation to burden the industry with confiscatory and discriminatory taxation schemes that would reduce the industry’s ability to make the reinvestments necessary to deliver future energy to American consumers.
06/23/2006
API Clarifies Oil Industry’s Position On Boutique Fuels
WASHINGTON – In response to what appears to be some misunderstanding concerning the findings of a draft report issued by the Environmental Protection Agency on the impact of boutique fuels, API has issued the following statement:
“API, the primary trade association for the nation’s oil and natural gas industry, has consistently stated that it does not believe the patchwork of localized gasoline and diesel specifications – the so-called boutique fuels – has led to the recent run-up in prices. It is inaccurate to say, as some press reports have, that the industry has claimed that boutique fuels have contributed to current high fuel prices. However, this rigid system of state- and local-specific fuel qualities can reduce supply reliability by making it more difficult to reallocate supplies in response to even relatively minor disruptions in the gasoline supply and distribution system. In this way, boutique fuels could increase price volatility and add to consumer costs during those disruptions.
”New laws designed to reduce the current number of regional fuels could help to reduce gasoline price volatility if they address the primary driver for increased boutique fuels—state renewable fuels mandates.
5/22/2006
API: FTC Finds “No Instances Of Illegal Market Manipulation”
WASHINGTON – The American Petroleum Institute today issued the following statement regarding a Federal Trade Commission’s report that found “no instances of illegal market manipulation” to influence gasoline prices
05/11/2006
U.S. Needs Multi-Pronged Energy Policy: API Tells House
WASHINGTON – The United States should avoid repeating the energy policy mistakes of the past and concentrate on a multi-pronged approach to meet the energy challenges of the future, API President and CEO Red Cavaney told a House panel on May 11.
05/03/2006
API: Industry Earnings in Line With Those of Other Industries
WASHINGTON - The American Petroleum Institute today issued the following statement regarding oil and natural gas company earnings.
04/26/2006
Sound Energy Policy Should Be Based on Fact: API’s Cavaney
In the oil and natural gas business size is everything, and it is critical to understand that fact when looking at the operational financial performance of our industry, API President and CEO Red Cavaney told a media briefing at API headquarters. “Earnings and reinvestment numbers may seem big to you, but in an industry that must make multi-billion dollar investment decisions annually to remain competitive, they absolutely are necessary,” Cavaney said. He said API member companies understood the frustration that consumers have expressed about energy prices and noted that much of the information circulated about the current situation is “misleading and harmful if it becomes the basis for public policy and political actions.”
04/25/2006
API Statement on President Bush’s Energy Plan
WASHINGTON – America’s oil and natural gas industry welcomes the administration’s increased focus on the nation’s long-term and short-term energy issues. The industry’s one-hundred years of experience in motor fuels provides us with important insights in managing a complex fuels system in a way that insures consumers’ access to reliable and affordable energy supplies. We are working full-time to meet the energy needs of the nation’s consumers and to comply with environmental and fuel requirements in government regulations and laws.
04/25/2006
Economics, Reliability Should Drive Ethanol Demand: API
WASHINGTON – The nation’s oil and natural gas industry is committed to using more ethanol in its fuel mix in an efficient and cost-effective fashion which focuses on economics and reliability, not government mandates, API President and CEO Red Cavaney said Tuesday.
04/25/2006
API To Congress: Industry Hard At Work To Meet Consumer Needs
WASHINGTON - The industry is doing all it can to meet consumer energy needs, but it cannot meet U.S. energy challenges alone, API President and CEO Red Cavaney wrote in a letter to members of Congress. In the April 24 letter, Cavaney said the nation’s energy policy needs to focus on increasing supplies, energy efficiency, and encouraging responsible development of alternative and nonconventional sources of energy. Click Here to Open
04/19/2006
API Statement On Comments Made By Sen. Charles Schumer
WASHINGTON - API today issued the following statement in response to requests by Sen. Charles Schumer, D-NY, and others, for investigations into the increase in the price of gasoline.
04/07/2006
API Urges Congress to Join Industry In Addressing Supply Concerns
In a April 7 letter from API President Red Cavaney, API explains to Congress the factors contributing to higher gasoline prices. These factors include continued geopolitical concerns in key oil-producing regions; the lingering impact of last summer’s hurricanes on refinery and oil and natural gas production and the challenges presented by the end of the oxygenate mandate. “The only short-term answer to our energy situation is for government to join with the industry to encourage the wise and responsible use of energy by all consumers,” Cavaney wrote in his letter.
03/29/2006
Industry Committed To Meeting New Fuel Specs, API Tells Senate
The nation’s oil and natural gas companies count on the expertise, experience and resources necessary to make the challenging fuel transitions this year as long as fuel markets are permitted to function freely, API said in a statement presented to the Senate Environment and Public Works Committee on March 29.
03/16/2006
API Urges Congress to Reject New Taxes on Oil and Natural Gas Industry
In a letter from API President, Red Cavaney, API urges Congress to reject the current Senate version of the tax reconciliation bill (H.R. 4297) that includes two provisions that would be counter-productive and make it more difficult for the oil and natural gas industry to meet America's vast energy needs. Click Here to Open PDF
03/14/2006
API to Senate: Do Not Override Market Forces
Congress should resist repeating the mistakes of the past by punishing the oil and natural gas industry for a consolidation wave that was the result of economic pressures and regulatory requirements, the American Petroleum Institute (API) told Congress Tuesday.
Click here for API's full Statement for the Record
03/10/2006
API Salutes Interior Secretary Gale Norton's Leadership
The American Petroleum Institute commends Interior Secretary Gale A. Norton for more than five years of strong leadership at the department that manages lands currently producing one-third of the oil and natural gas in the United States.
03/01/2006
API President Delivers State of the Industry Speech
API President and CEO Red Cavaney delivered a speech outlining the state of the U.S. oil and natural gas industry on March 1, 2006 at the 10th Annual Ohio Energy Management & Restructuring Conference in Columbus, Ohio.
02/01/2006
API Statement to Senate Judiciary on the State of the Oil & Natural Gas Industry and Market Conditions
In this API statement for the Record of the Senate Judiciary Committee, API addresses concerns across the country over the higher energy costs American consumers and businesses have been facing and offers a balanced context in which to view both energy prices and company mergers.
01/30/2006
API Updates Congress on Oil & Natural Gas Industry Efforts
API encourages Congress focused on increasing supplies and encouraging energy efficiency in this timely letter from API President, Red Cavaney. The Energy Policy Act of 2005 is a first step in a much-needed effort to enhance energy security and ensure the reliable delivery of affordable energy to consumers, he writes. Nevertheless, much remains to be done to remove barriers to supply.
01/17/2006
State of the Energy Industry, Petroleum and Natural Gas Issues
Remarks by John Felmy, Chief Economist, American Petroleum Institute Before the United States Energy Association's 2nd Annual State of the Energy Industry Forum National Press Club, Washington, DC, January 17, 2006
01/15/2006
“Technology: The Engine To Do More For More”
In this presentation by API President and CEO Red Cavaney to the Middle East PETROTECH 2006 Conference in Bahrain, Cavaney told attendees the more advanced our technology becomes, the more efficient and effective our industry becomes – and the more energy we can provide to consumers.
01/13/2006
API Chief: Technology Critical to Petroleum Industry’s Future
The key role technology has played – and will continue to play -- in keeping the U.S. oil and natural gas industry strong and competitive is the theme of a keynote speech API President and CEO Red Cavaney will deliver at Petrotech 2006 in Bahrain on January 15.
11/16/2005
Future of Transportation Fuels
Statement of Red Cavaney, President and CEO, American Petroleum Institute, before the Senate Environment and Public Works Committee Hearing on the Future of Transportation Fuels November 16, 2005
Excerpt:
"Our industry has met the transportation needs of Americans for more than a century, and we will continue to rely on state-of-the-art technology to do so in the decades to come. We believe that advances in technology, consumer preference, and the workings of the marketplace will best determine the fuels of the future. We need to rely on these forces to shape our energy future, rather than attempt to dictate what fuels are to be used. Past efforts by government involving non-market mechanisms have only complicated the search for solutions to energy problems."
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