Editor's note: In a Roll Call op-ed that ran today, API President and CEO Jack Gerard urges Congress not to make hasty, legislative and regulatory decisions following the Deepwater Horizon incident that could unfairly penalize oil and natural gas companies. Jack's comments are below:

The oil spill in the Gulf of Mexico has created understandable new concerns over offshore oil and natural gas operations, and Americans are right to demand assurances that offshore operations are safe and not detrimental to our environment.

The oil and natural gas industry understands that, and our pledge from the very beginning has been to work day and night to help BP stop the leak, clean up the spill and find out what happened so we can put in place lasting solutions. Only then can Americans once again have... more »

As we've mentioned on this blog many times, energy development is a primary driver of job creation. Developing the nation's abundant oil and natural gas resources could create tens of thousands of additional jobs.

A new Gallup poll proves this point and demonstrates that energy-producing states are among the best in job creation.

North Dakota has been breaking oil production records and sits atop Gallup's Job Creation Index. The Index also shows that the "energy-producing states of Louisiana, Oklahoma, and Texas are in the top 10 state job markets for the first half of 2010, as they were in 2008 and 2009."

Alaska, another state where energy development is crucial, made the list in addition to Pennsylvania and West Virginia--two states that saw 57,000 new jobs last year from Marcellus Shal... more »

Yesterday API hosted a conference call with 11 bloggers to discuss pressing energy issues following the Deepwater Horizon incident.

Topics discussed included the deepwater drilling moratorium, the potential economic impact of new taxes being considered by Congress, oil spill liability issues, and new ethanol standards proposed by the EPA.

Eight industry representatives weighed in during the conversation, including Dr. Tim Considine, author of a recent study assessing the economic benefits of developing the Marcellus Shale.

At one point in the call, API Tax Policy Manager Stephen Comstock debunked the common misperception that the oil and natural gas industry receives more subsidies than any other industry:

"There's been a lot of statements out there that the oil and gas industry is the mo... more »

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.

Gasoline deliveries in June, which is considered a peak month for vacations and the annual travel season, were at the lowest level for any June since 2004.

As API's Chief Economist John Felmy explained:

"The listless economic recovery continues to take a bite out of gasoline demand...This certainly supports API's position that increased taxes or other anti-jobs policies by Congress or the administration could increase unemployment and harm our economic recovery."

Other data from the June statistical report indicated that:

• Demand... more »

In the wake of the Gulf oil spill, some in Washington have called for billions in new taxes on America's oil and natural gas companies. These calls may increase as companies begin announcing second-quarter earnings next week.

Earnings reports will likely focus on only half the story--profits earned. But what do the numbers really mean?

There's no doubt that strong earnings are good news--it means higher economic growth, because our industry contributes $1 trillion to the U.S. economy.

And when oil and natural gas earnings are up, who benefits?

• Millions of American workers. The industry supports more than 9 million jobs. That's a lot of jobs, especially given the current high unemployment rate.

• Millions of people who own stock in our companies. These include people with IRAs and 401k pla... more »