Chicago, called the City of Broad Shoulders, has a lot to be happy about these days. At a time when many Americans are watching oil markets closely, Chicago residents can take comfort in knowing that about 60 percent of their oil supply comes from Canada.

Today, more than 2 million barrels of Canadian oil is imported to the United States every day, and some of it travels by pipeline to refineries in the Midwest where it is refined into oil products such as gasoline. If the State Department approves the construction of the Keystone XL pipeline soon, Canadian oil will be transported all the way to refineries on the Gulf Coast, creating jobs and vastly improving U.S. energy security.

As Fox News in Chicago reported, although the pipeline project has its detractors, its benefits could be subst... more »

In mid-April, the Securities and Exchange Commission (SEC) is expected to decide how to interpret a new law that is aimed at encouraging more transparency. The SEC's decision-making is critically important to publicly-traded oil companies. The ruling either could allow U.S.-listed oil companies to compete effectively against larger, nation-controlled oil companies for energy resources around the globe, or it could force U.S. companies to divulge information that could give a competitive advantage to companies such as the Chinese-controlled CNOOC.

In this podcast, Grant Aldonas of Split Rock International explains to API's Lisa Ceglia, how the law's good intentions could create real problems for U.S.-listed oil companies and their shareholders.

Use the audio player below to listen to inform... more »

At API, we've been saying for many years that the United States needs a broad portfolio of energy, including oil, natural gas, nuclear, coal, and a wide variety of alternatives such as solar and wind. Some are best used to generate electricity with the existing infrastructure, while oil is necessary to provide liquid fuels for transportation.

In fact, there is no other energy source that provides as much bang for the buck as oil. It is energy dense, portable, and flexible. It can be refined into gasoline, diesel, and petrochemicals that provide feedstocks for a myriad consumer products, including medicines.

As consumers, we often take energy for granted, but it makes sense to pause a moment and consider how fortunate we are. The United States has natural resources that have kept this count... more »

API recently hosted a conference call for bloggers about gas prices. John Felmy, API's chief economist, took questions from the bloggers and discussed the many factors that can influence gasoline prices.

Topics discussed included the relationship between crude oil prices and retail gas prices, the ethanol blend and its effects on gas prices, and the impact oil prices could have on the trade deficit. In addition to these topics, John discussed the supply and demand for oil, and addressed both the turmoil in the Middle East and statements that President Obama made during his press conference about energy policy.

In regards to the impact that oil prices could have on the trade deficit, John explained that, "...We have the power to reduce that [the trade deficit]. We can do it by improving our... more »

In today's episode, I interview Brian Johnson, API's senior tax policy advisor, about the potential impact of the administration's energy tax proposals on the economy, U.S. jobs, and government revenues.

Use the audio player below to listen to information about the article and follow along with the show notes. I hope you find the podcast informative.

00:17 Once again, the administration is proposing to raise taxes on the oil and natural gas industry. The President mentioned it in his State of the Union speech in January when he said he hoped to eliminate incentives that encourage the production of domestic oil and natural gas. But is that a wise move for America? Brian Johnson of API, who is very knowledgeable on tax issues, is in the studio to share his insights.

00:48 What prec... more »