Results tagged “API”

More than 5,500 energy workers and private citizens packed the George R. Brown Convention Center as well as two venues in Port Arthur and Corpus Christi today to stand up for jobs and the economy.

With thousands of jobs threatened by the offshore drilling moratorium, proposals for higher energy taxes, and a faltering economic recovery, people whose jobs and livelihoods depend on the oil and natural gas industry came together to send a message to Congress and the administration: They will make their voices heard in Washington and at the ballot box.

The faltering economy appears to be a primary reason for a slight drop in U.S. gasoline demand. According to API's Monthly Statistical Report issued this morning, U.S. gasoline deliveries (a measure of demand) fell by 0.03 percent in July as compared to the same period a year ago. Except for 2008, it was the lowest July gasoline demand figure since 2003.

After taking a series of potshots at the American Petroleum Institute in his Sunday column ("Big Oil has it backward," Page D1), Loren Steffy closes with: "We need to proceed cautiously with new drilling and move quickly to draft new regulations that are broad and flexible enough to raise drilling standards without stifling a vital energy source."

This would be a mistake that could threaten vehicle performance and safety, void manufacturers' warranties, confuse consumers - and create a public backlash against renewable fuels.

Chief Economist Dr. Martin Regalia of the U.S. Chamber of Commerce said businesses are holding about $1.8 trillion in cash, which is $600 billion more than usual. The reason: Many businesses believe it's too risky to invest money when so much is unknown about the economic and political climate.

He should have called 811 before he began to dig.

Several activities are underway today that could have a significant impact on America's energy policy. They include congressional efforts to pass energy legislation as well as the killing of the leaking Macondo well.

Today the U.S. House of Representatives is expected to vote on the Consolidated Land, Energy, and Aquatic Resources Act of 2009 (CLEAR) Act. This bill is purported to be a response to the Gulf oil spill, but it reaches far beyond the accident.

Gasoline demand fell for the first six months of 2010, API reported today. According to the Monthly Statistical Report, U.S. gasoline deliveries (a key indicator of demand) averaged 8.88 million barrels per day, 0.6 percent lower than in the same period in 2009.

The Senate Environment and Public Works Committee yesterday voted to remove the liability cap on damage claims stemming from oil spills. The proposal could be one of several provisions cobbled into an energy and climate bill that could be considered by Congress in the wake of the Deepwater Horizon accident.

May 2010 gasoline deliveries (an indication of demand) fell 0.4 percent from the same month last year to an average of 9.05 barrels per day. API's Monthly Statistical Report says this was the lowest level for May since 2003.

In the two months since the Deepwater Horizon accident, numerous investigations have been launched, several congressional hearings have been held, and many statements have been made about oil and natural gas industry regulation. Unfortunately, many statements about industry regulations have had little or no basis in fact.

Today, API's Erik Milito set the record straight.

The oil and natural gas industry is forming two new task forces to address both short-term and long-term issues involving subsea well control and spill response and cleanup.

The task forces will be developed by API, the Independent Petroleum Association of America (IPAA) and the National Ocean Industries Association (NOIA) and will provide recommendations which will be presented to the presidential commission on the Deepwater Horizon accident.

API President and CEO Jack Gerard told Congress today that raising the Oil Spill Liability Trust Fund cap from $75 million to $10 billion "would place about 145,000 jobs at risk."

The Department of the Interior (DOI) late yesterday sent out a list of new safety requirements to offshore drillers as pressure mounted against the drilling moratorium.

The requirements, issued as a Notice to Lessees (NTL), requires the CEOs of offshore companies to certify they are in compliance will all regulations. In addition, the operators must provide certification from a professional engineer of all well casing and cement design requirements as well as independent third-party verification that the blowout preventer will operate properly.

(Editor's note: While understanding and correcting the causes of the Gulf of Mexico accident are essential, the American Petroleum Institute (API) opposes lengthy or open-ended delay of offshore oil and natural gas development, as proposed today by the administration. Offshore development is crucial to creating and saving jobs and strengthening U.S. energy security.

API's President and CEO Jack Gerard offered the following response to the president's announcement.)

API President and CEO Jack Gerard is testifying today at the House Natural Resources Committee's hearing on the nation's Outer Continental Shelf (OCS) oil and natural gas strategy and the implications of the Deepwater Horizon tragedy.

API reported today that April gasoline production climbed to 9.1 million barrels per day, which is the highest level ever for April and second highest level for any month on record, according to the Monthly Statistical Report.

Whenever this nation is confronted by a major incident such as the Gulf oil spill, opinion-leaders step forward to offer their thoughts in print and online op-ed pages. Their comments are often thought-provoking and informative.