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American Petroleum Institute

All articles tagged with #american petroleum institute

politics1 year ago

Trump's Energy Policies: Balancing Industry Hopes and Market Realities

The oil and gas industry has outlined a five-point agenda for President-elect Donald Trump, including expanding LNG exports, increasing drilling on federal lands, easing pipeline permits, repealing vehicle emissions standards, and maintaining current corporate tax rates. Trump's administration, with key appointments like Doug Burgum and Chris Wright, aims to achieve U.S. energy dominance by reducing regulations. The American Petroleum Institute supports these moves, seeking to boost U.S. market share in global oil and gas production.

via CNBC|
#american-petroleum-institute#deregulation#energy-policy
environment1 year ago

Trump's Energy Policies: A Double-Edged Sword for Oil and Clean Energy

The American Petroleum Institute has released a five-point plan urging the incoming Trump administration to repeal several Biden-era climate policies, including tailpipe and fuel economy standards, restrictions on drilling, and a methane emissions fee. The plan, which coincides with the UN climate conference, aims to boost oil and gas production but has drawn criticism from environmental groups for undermining efforts to combat climate change. The API's proposals could face legal challenges and require Congressional action for full implementation.

via InsideClimate News|
#american-petroleum-institute#climate-policy#environment
energy-policy1 year ago

"Challenging Biden's EV Mandate: What Americans Need to Know"

American Petroleum Institute President and CEO Mike Sommers has criticized the Biden administration's new gas-powered emissions standards, calling on Americans to reject the push for wider adoption of electric vehicles (EVs). Sommers argues that the regulations are bad for consumers and American jobs, benefiting China instead. He warns that the rules will limit consumer choice, lead to job losses, and compromise energy security by relying on China for EV parts. The administration claims the regulations will significantly reduce carbon emissions and oil consumption, but Sommers contends that Americans will need more oil and gas in the future for energy security.

via Fox Business|
#american-petroleum-institute#biden-administration#electric-vehicles
energy-policy2 years ago

"Energy Lobby Launches Massive Ad Campaign for US Production Boost Before 2024 Election"

The American Petroleum Institute (API) is launching an eight-figure national ad campaign, called Lights on Energy, to advocate for continued domestic oil and gas production ahead of the 2024 elections. The campaign aims to educate voters and policymakers on the importance of fossil fuels in meeting global energy demands and to push back against policy threats from the Biden administration's climate agenda. API's CEO, Mike Sommers, emphasized the need for regulatory certainty and highlighted the industry's reliance on oil and gas for energy needs, while also advocating for more fossil fuel lease sales to guarantee long-term production.

via Fox Business|
#2024-election#american-petroleum-institute#biden-administration
environment2 years ago

"US Supreme Court Rejects Exxon and Koch in Minnesota Climate Suit"

The US Supreme Court rejected a request from Exxon Mobil Corp, Koch Industries Inc, and the American Petroleum Institute to shift a Minnesota lawsuit blaming the oil industry for climate change from state court to federal court, where corporate defendants often fare better. Justice Brett Kavanaugh expressed interest in hearing the case, but the appeal was ultimately turned down without explanation.

via Bloomberg|
#american-petroleum-institute#climate-change-lawsuit#environment
energy2 years ago

Oil Prices Surge as Crude Inventories Decline and Inflation Concerns Rise

Crude oil prices rose as both the Energy Information Administration (EIA) and the American Petroleum Institute (API) reported significant inventory draws. The EIA reported a decline of 2.1 million barrels in crude inventories, while the API estimated a larger draw of 5.25 million barrels. Additionally, the EIA reported inventory declines in gasoline and middle distillates. Despite the recent dip, oil prices remain elevated, which could lead to higher gasoline and fuel costs, potentially accelerating inflation. The Federal Reserve's decision on interest rates may be influenced by the oil price jump and its impact on inflation.

via OilPrice.com|
#american-petroleum-institute#crude-inventories#energy
energy2 years ago

"API Reports Small Crude Draw, Oil Prices Close Lower"

The American Petroleum Institute (API) has reported a smaller-than-expected draw of 2.418 million barrels on U.S. crude inventories, causing oil prices to close lower amid concerns over China's economic growth. Bearish sentiment has increased due to expectations of U.S. inventory levels, refinery maintenance slowing demand, and a slowdown in Chinese imports. Chinese economic data and JP Morgan's forecast of slowing demand for "mobility fuels" in China have further weighed on oil prices. The impact of Saudi and Russian output cuts has been offset by weakening crude demand from China, which is expected to continue throughout the summer.

via OilPrice.com|
#american-petroleum-institute#china-growth-concerns#crude-inventories
energy2 years ago

Oil Prices Surge on Tightening Supplies and Strong Demand

Crude oil inventories in the US fell by 6.7 million barrels, surprising analysts who expected a build of 525,000 barrels. The Strategic Petroleum Reserve (SPR) inventory dropped for the eighth week in a row, with 1.6 million barrels sold. US crude oil production fell to 12.2 million bpd, 900,000 bpd lower than the peak in March 2020. WTI and Brent prices rose, with WTI trading at $72.91 per barrel and Brent at $76.83 per barrel.

via OilPrice.com|
#american-petroleum-institute#crude-oil#energy
energy2 years ago

Oil prices fluctuate amid mixed inventory reports and global economic outlook.

Crude oil inventories in the United States rose by 3.69 million barrels, while gasoline inventories fell by 2.46 million barrels and distillate inventories fell by 886,000 barrels. The Strategic Petroleum Reserve (SPR) inventory dropped for the seventh week in a row, with 2.4 million barrels of congressionally mandated crude oil sold during the week ending May 12. U.S. crude oil production remained unchanged at 12.3 million bpd, and the price of WTI and Brent were both trading down on Tuesday.

via OilPrice.com|
#american-petroleum-institute#crude-oil#energy
energy2 years ago

Oil and Energy Stocks Plunge Amidst Economic Concerns and Dollar Fluctuations.

Crude oil inventories in the US fell by 3.939 million barrels, according to the American Petroleum Institute, but oil prices continued to slip due to concerns over unremarkable industrial data from China and the possibility of the Fed hiking rates. WTI was trading down $3.95 (-5.22%) on the day at $71.71 per barrel, while Brent crude was trading down $3.93 (-4.96%) on the day at $75.38.

via OilPrice.com|
#american-petroleum-institute#brent-crude#crude-oil-inventories
energy2 years ago

Banking Fears Weigh on Oil Prices and Boost Gold and Bitcoin

Crude oil inventories in the United States fell by 6.083 million barrels, according to the American Petroleum Institute (API) data. However, oil prices remained unmoved, with WTI trading down at $77.09 per barrel and Brent crude trading down at $80.71 per barrel. Gasoline inventories fell, while distillate inventories rose. U.S. crude oil production held steady at 12.3 million bpd, and inventories at Cushing, Oklahoma, increased by 465,000 barrels.

via OilPrice.com|
#american-petroleum-institute#brent-crude#crude-oil-inventories
energy2 years ago

Interest rate fears weigh on oil prices.

Oil prices fell on Wednesday as recession fears resurfaced alongside expectations of another interest rate hike in May. The American Petroleum Institute report had sent oil prices higher on Tuesday with estimates that both crude and product inventories in the U.S. fell. A Fed official suggested on Tuesday that another small rate hike may be needed to offset bullish data coming out of China.

via OilPrice.com|
#american-petroleum-institute#china#energy
energy2 years ago

Biden administration auctions off Gulf of Mexico oil and gas leases.

The Biden administration sold access to 1.6 million acres of waters in the Gulf of Mexico for oil and gas drilling, generating $263.8 million in high bids for 313 blocks of waters. The sale contradicts the administration's pledges to combat climate change and has drawn criticism from environmental groups. However, the administration says it was compelled to open the huge swath of Gulf waters to drilling because of stipulations in the Inflation Reduction Act of 2022. The American Petroleum Institute cheered the sale, calling it "a belated but positive step toward a more energy-secure future."

via NPR|
#american-petroleum-institute#biden-administration#energy