Our industry's longstanding commitment to safe operations was questioned by some after last year's tragic spill in the Gulf of Mexico. Today, we have more than 20 industry groups working concurrently on improving spill prevention and response. Oil companies are committing resources in the form of dollars, time and expertise to ensure that these improvements are implemented.

In March, we announced the creation of the Center for Offshore Safety. It will bring our best minds and expertise together to help operators strive for and maintain the highest levels of safety performance across the entire industry.

We have worked hard to meet the requirements for resuming operations in the Gulf. That's important because we need those energy resources, both today and in the future. Oil and natural gas... more »

No matter where you live, the cost of filling up your car with gasoline has increased in recent months, which has some consumers asking: "What's causing this spike in gas prices?"

A number of factors help dictate the price of gasoline, but the cost of crude oil on the global marketplace is the main component, and crude oil prices have been steadily rising. With current economic conditions improving worldwide, global demand for oil is rising, leading to the higher prices we're seeing today.

Gasoline prices are also affected by other factors, including weather events, inventories, refining and distribution costs, marketing and taxes. For example, every time U.S. motorists pull up to the pump, they pay an average of 48 cents in state and federal taxes per gallon of gasoline.

One way to ad... more »

The United States is blessed with an abundance of clean-burning natural gas. It provides fuel for industry, power for heating, and chemicals for plastics, medicines and a wide variety of consumer products, such bicycle helmets and hospital supplies, that make Americans safer, healthier, and more comfortable. At the current rate of consumption, it's estimated that the United States has enough natural gas to last about 100 years.

To maintain a steady supply of natural gas for U.S. consumers, energy companies must drill thousands of wells. And each well makes a valuable contribution to the economy by generating government revenues, jobs, and much-needed energy resources for American families.

Consider the benefits of a single well in Susquehanna County, Penn., which borders New York State. It... more »

U.S. oil and natural gas drilling increased markedly in the third quarter this year, according to API's 2010 Quarterly Well Completion Report: Third Quarter. An estimated 11,297 oil wells, natural gas wells and dry holes were completed, which was 45 percent higher than during the same period in 2009.

"I think this really demonstrates the oil and natural gas industry's continued commitment to finding new energy sources to meet growing U.S. and world demand, as well as the importance of new supply areas, many of which were only opened recently thanks to the industry's ability to apply innovative techniques to existing technologies," said Hazen Arafa, director of API's statistics department.

An estimated 4,434 U.S. natural gas wells were completed in the third quarter, as drillers used horizo... more »