American Energy has been a positive story these past few years, thanks in large part to big innovations, and big investments made by America's oil and natural gas companies.  Thanks to America’s energy revolution, domestic oil production is higher than at any time in the last 20 years,  and net imports are at a 20-year low.  Meanwhile, natural gas production is at an all-time high, increasing our energy security and lowering emissions.  All while the industry is leading the way in job creation during what have been some rough economic times.

The industry is proud to be investing in America’s future, which is why we are puzzled today that the new budget from the White House, again, calls for increased energy taxes that could set back some of the progress we have made.  There are three b... more »

In a nutshell, here’s what Americans think of raising taxes on the oil and natural gas industry: Not much.

A new Harris Interactive national survey of registered voters finds that big majorities think higher taxes on the industry – as have been proposed by the administration and some in Congress – would be harmful to consumers and the economy. What’s more, respondents believe the idea is fundamentally unfair. Details:

• 74 percent – Think Washington should solve the country’s fiscal problems without raising energy taxes, potentially hurting consumers and taxpayers. Opposition to energy tax hikes is consistent across age, gender and party affiliation groups.
• 69 percent – Agree that increasing energy taxes, like those proposed for oil and natural gas companies, hurts everyone beca... more »

A new API report estimates that the U.S. oil and natural gas industry has invested more than $252 billion trying to improve the environmental performance of its products, facilities and operations since 1990 – about 65 percent of that directed toward cleaner air and water.

The report is based on spending data from representative companies that was used to estimate industry-wide performance. Highlights:

• Industry spent about $13 billion in 2011, the report says, including $11 billion to implement new technologies, create cleaner fuels and fund ongoing environmental initiatives. An additional $1.9 billion was spent on research and development, corporate environmental programs and spill remediation efforts. In 2011, 35 percent of industry environmental spending was directed toward cle... more »

Energy companies are reporting their quarterly financials this week, which is providing fodder for those who prefer to play politics rather than enact good policies. The typical line we hear from politicians is that company earnings are proof that a fair share is not being given to government, but focusing on just the bottom line obscures the true picture. Let's take one release as an example.

We see that ConocoPhillips reported first-quarter earnings of $3.0 billion or $2.09 per share. But a look at the full release shows that this $3.0 billion comes on total revenues of $58.25 billion - a 5.18% return. In other words, ConocoPhillips works hard for their money. We also see that ConocoPhillips paid $4.36 billion in taxes other than income taxes and paid or accrued $2.75 billion in income t... more »

Editors Note: As U.S. oil and natural gas companies begin to report their first quarter earnings this week, API President and CEO Jack Gerard said critics should put the information into perspective, recognizing the valuable contributions the oil and natural gas industry provides to our nation:

The U.S. oil and natural gas industry's strong earnings signal growing strength in our economy. We should be proud of the success of an industry that supports 9.2 million American workers and 7.5 percent of our economy while also supplying income to millions of the nation's retirees. Oil and natural gas companies are a vital part of our nation's industrial and manufacturing base. They provide most of America's energy and are responsible for one in every five dollars invested in renewable energy.... more »