WASHINGTON, February 26, 2013 – More crude oil production and more efficient consumption of oil products are keys to addressing higher gasoline prices, API’s chief economist John Felmy told reporters this afternoon: 

    “[W]e have very large oil resources here in the United States and technologies that are making more of them accessible and economic to produce. Given reasonable regulations, expanded access to resources on federal lands and waters, and fair tax policy, we can bring several million more barrels per day of crude oil to market. This could help reduce crude oil price volatility on global markets and put downward pressure on crude prices. It also could create more than one million new jobs, reduce our dependence on foreign energy, and increase revenue to the government by billions of dollars a year. 

    “[M]ore efficient use of oil, especially as new, more aggressive vehicle fuel efficiency standards are phased in, could help moderate prices. Consumers also can help trim demand by consolidating trips, planning errands better and carpooling when possible – and by ensuring vehicle engines are tuned and tires are properly inflated. Finally, motorists can conserve by keeping speeds down. Lower speeds increase mileage and enhance safety. 

    “The key to addressing gasoline prices is to increase supply and reduce demand. The U.S. should do more of both.”

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.