Over the next couple of weeks, oil and natural gas companies will be releasing their fourth quarter and 2010 year-end performance reports. While a lot of attention will be focused on the numbers, some perspective is needed to better understand the size of the industry, how the industry's earnings compare to other industries, where the money is going, and who benefits.

The oil and natural gas industry is one of America's largest industries. It has to be to effectively compete for global energy resources. The industry's earnings make possible the huge investment necessary to help ensure America has the energy we need to heat our homes, get to work, transport our goods and make all our lives better. The earnings allow companies to reinvest in the facilities, infrastructure and new technologie... more »

The Hill: EPA to listen to electric, oil industry concerns about climate rules: The Environmental Protection Agency will hold a series of "listening sessions" in the coming months in order to get input from stakeholders on the agency's plans to implement new greenhouse gas standards on power plants and refineries. EPA is certain to get criticism from a slew of stakeholders who fear the new rules will be a nightmare for industry, particularly during the sessions focused on the electric-power and oil industries. The New Orleans Times-Picayune: Shell application for deepwater exploration in the Gulf of Mexico takes step forward: The Bureau of Ocean Energy Management, Regulation and Enforcement launched a 30-day review Friday of the first exploration plan for deepwater activity in the Gulf of... more »

Editors note: The following letter to the editor from API President and CEO, Jack Gerard appeared in the New York Times on January 31, 2011.

The good news is that "business as usual" for the United States oil and natural gas industry means that we are building on nearly a century of commitment to safe and reliable operations. In the nine months since the tragic accident in the Gulf of Mexico, we've been at work carrying out many of the recommendations now finding their way into reports.

We have produced new guidance on well cementing, begun a new standard on deepwater well construction, held workshops on carrying out a comprehensive safety management system, nearly completed work on state-of-the-art well containment systems, and initiated business planning for a new, independently audited... more »

CNBC: Gary Luquette: The Industry in The Gulf is on Life Support: The Senate Energy and Natural Resources Committee kicked off their first hearing of the new Congress with one of the most controversial topics in the energy sphere: the safety of deep water drilling. The committee examined the report and recommendations issued by the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. I decided to sit down and speak with Gary Luquette, President of Chevron's North America Exploration and Production, on his thoughts on the hearing and the impact the unofficial moratorium is having on the industry.

The Houston Chronicle: Fuel Fix: API: Oil sands pipeline is matter of 'critical national interest': The nation's largest oil industry trade group today called on the Oba... more »

On January 4th at the State of American Energy event, API president Jack Gerard released a study by Wood Mackenzie that compared the impact of two scenarios: raising government revenues from fees and payments associated with increased access to areas that are currently off-limits to oil and natural gas development; and raising government revenues from an additional $5 billion per year in taxes on the industry. The results revealed that not all revenue is created equal.

Comparing the total government revenue impact from the two scenarios (access versus taxes, for the period between 2011 to 2025) shows increased access generates an estimated $150 billion in additional government revenue. Under the higher taxation scenario, net revenues are estimated to decrease by $128 billion. In short, the... more »