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March 2012
For the latest report, please visit
www.api.org/energizingamerica
America’s Oil and Natural Gas Industry
Energizing America
Facts for Addressing Energy Policy
 
Energizing America: Facts for Addressing Energy Policy|March 2012
The United States is at an historic turning point for thecountry and its energy policies. But many Americanslack a full understanding of the oil and natural gasindustry. API has assembled this oil and gasoline primerto encourage a constructive public policy debate thatleads to a new fact-based comprehensive energy policy.
Factors Affecting Price
Gasoline, Diesel and Crude Oil PricesPage 1Oil Prices Relate to Many Uncertain FactorsPage 2World Liquid Fuel ConsumptionPage 3Growth in World Liquid Fuel ConsumptionPage 4OPEC Surplus Production CapacityPage 5Commodity PerformancePage 6WTI in Dollars and Euros/YenPage 7EIA Price ForecastPage 8
Where the Money is Going
What Consumers Are PayingPage 9Earnings by IndustryPage 10Earnings Compared to ManufacturingPage 11Return on InvestmentPage 12Who Owns the Oil CompaniesPage 13Taxes Paid by the Oil and Natural Gas IndustryPage 14Profits Alone: An Incomplete PicturePage 15Effective Tax Rates Among IndustriesPage 16Economic Consequences of Higher TaxesPage 17Capital Spending for U.S. ProjectsPage 18U.S. Environmental ExpendituresPage 19
Carbon Mitigation
Climate Change PolicyPage 20Investments to Reduce EmissionsPage 21Investments by Technology and Investor GroupPage 22Greenhouse Gas Emission ReductionsPage 23
Refineries and Fuels
Refining Capacity ExpandsPage 24Net Imports of Total Petroleum ProductsPage 25Expanding Alternative FuelsPage 26U.S. Corn UsePage 27
U.S. Energy Needs
Energy EfficiencyPage 28Future U.S. Energy DemandPage 29Renewable Energy ConsumptionPage 30Energy Consumption by SectorPage 31
Untapped Potential of Domestic Resources
U.S. Crude Oil and Natural Gas ResourcesPage 32Offshore Undiscovered Technically Recoverable ResourcesPage 33Benefits to Access to Domestic SourcesPage 34
The Global Energy Framework
Future Global Energy DemandPage 35Accumulating Risks to the Development of Oil and Natural GasPage 36The Myth of “Big Oil”Page 37Largest Oil and Gas CompaniesPage 38Sources of SupplyPage 39
Energy Policy
Page 40
Table ofContents
 
Page 1Energizing America: Facts for Addressing Energy Policy|March 2012
Changes in gasoline anddiesel prices mirrorchanges in crude oil prices.
$0.00$1.00$2.00$3.00Diesel (AAA) $4.09Gasoline (AAA) $3.76Crude Oil (NYMEX) $2.56
March 9, 2012
$4.00$5.00
   P  r   i  c  e  p  e  r  g  a   l   l  o  n
March 2005March 2006March 2007March 2008March 2009March 2010March 2011March 2012
 
The roller coaster rise and fall in gasolineand diesel prices over the last few yearstracks changes in the cost of crude oil.Those changes are determined in theglobal crude oil market by the worldwidedemand for and supply of crude oil. Weakeconomic conditions in the U.S. andaround the world in 2008 and into 2009led to less demand which helped pushprices down.With the worldwide economic recoveryunderway, demand is on the rise againbut unrest in the Middle East and NorthAfrica has put supplies at risk. Thiscombination of rising demand and reducedsupply helped to push prices higher.
Gasoline, Diesel and Crude Oil Prices
Source: NYMEX (WTI crude oil) and AAA (gasoline and diesel).
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