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 API
BLOGGER CONFERENCE CALLMODERATOR:JANE VAN RYAN,NEW MEDIA ADVISOR,AMERICAN PETROLEUM INSTITUTESPEAKERS:RED CAVANEY,PRESIDENT AND CEO,AMERICAN PETROLEUM INSTITUTEJOHN FELMY,CHIEF ECONOMIST,AMERICAN PETROLEUM INSTITUTEJIM HOSKINS,GROUP PRESIDENT,GOVERNMENT AND FINANCIAL SERVICES,HARRIS INTERACTIVETUESDAY, JULY 15, 2008
Transcript byFederal News ServiceWashington, D.C.
 
 00:00:15 JANE VAN RYAN: Good morning, everybody. This is Jane Van
Ryan at API. I‟m sorry we‟re j
oining you a couple of minutes late. We had aninteresting issue we had to deal with here with the conference call. I hope none of youhad any difficulty joining us.00:00:30 MR.: No problems here.00:00:34 MS. VAN RYAN: Okay, good. It sounds like
we‟ve got a full house
today. Let me first of all start by basically calling the roll. If you all could identify
yourselves and your blog, I‟d appreciate it.
 00:00:45 THE BEAR: This is the Bear at The Absurd Report.00:00:48 MS. VAN RYAN: Good, thank you, Bear. Who else do we havetoday?00:00:52 DAVE SCHULER: Dave Schuler.00:00:54 ROPERT RAPIER: Robert Rapier here with Oil Drum and R-Squared.00:00:56 MS. VAN RYAN: Got it. Great, thank you both, Dave and Robert.And who else do we have?00:01:00 GAIL TVERBERG: This is Gail Tverberg from the Oil Drum.00:01:02 MS. VAN RYAN: Great. Thank you, Gail.00:01:04 JEFFERSON POOLE: This is Jefferson Poole with Bluegrass Redstate.00:01:10 MS. VAN RYAN: Wonderful, Jefferson.
I‟
m glad you were able topull yourself away from work long enough to join us. Anyone else?00:01:14 GEOFFREY STYLES: Geoff Styles, Energy Outlook.00:01:15 MS. VAN RYAN: Good, Geoff. Thank you so much. And who elsedo we have?00:01:19 CARTER WOOD:
Hi, Jane. It‟s Carter from ShopFloor.org.
 00:01:22 MS. VAN RYAN: Great. Thanks, Carter.00:01:24 DOUG LAMBERT: This is Doug Lambert from GraniteGrok.com.
 
00:01:28
MS. VAN RYAN: Great. And I‟m glad you could join us again. Who
else do we have at the moment?00:01:34 MR. SCHULER: Dave Schuler, Outside the Beltway and the GlitteringEye.00:01:38 MS. VAN RYAN: Ye
 p, got you, Dave. And I‟m sorry we missed
someone else there who started to speak.00:01:43 NATE HAGENS: Nate Hagens, the OilDrum.com.00:01:45
MS. VAN RYAN: Great. Thanks, Nate. I‟m glad you could come on board, too. Anyone else at this point that we‟ve missed? I know we‟re going to have a
few other
 – 
 00:01:56 BRUCE MCQUAIN: Bruce McQuain, QandO. Sorry about that.00:01:57 MS. VAN RYAN: Oh, great. Not a problem. Thank you, McQ, gladto have you, too. All right, I think some others will probably join us during the call. If 
you‟ll remember how we do this, we‟re going to start with, in this case, an opening
s
tatement from Red Cavaney, who‟s in the room with us. Red is our president and CEO.
We also have John Felmy with us, who is our chief economist. And Jim Hoskins, are youonline?00:02:22 JIM HOSKINS: Yes, Jane, I am.00:02:23 MS. VAN RYAN: Good. Jim Hoskins is from Harris Interactive. Heis the one who helped to conduct the Energy IQ poll. So those are your three mainspeakers today. When we start
in a moment, we‟ll start with an opening statement from
 Red. I ask you after the opening statement to go ahead and ask questions. Please just
identify yourselves when you ask a question. That way, we‟ll be able to turn around theaudio recording of this call and the transcript much faster and there‟ll be no guesswork 
then as to who asked what question. And that will be helpful to you when we post theaudio file and the transcript online as quickly as we can get these turned around.
All right, Red. We‟ll start with you.
 00:03:03 RED CAVANEY: Well, good morning! Thank you very much for joining
us today. I just want to go over very quickly what we‟re going to do. The main
purpose for at least initiating the call was to talk about our second edition, if you will,coming on the first anniversary of our first report of what we call our Energy IQ and then,
as has been the case with these calls before, we‟ll be glad to answer any calls you may
have on any subject related to energy.
As Jane had mentioned, I‟m joined here by John Felmy, our chief economist.
And for those of you that are becoming devotees of John Felmy, you can tune in
of 00

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