The American Petroleum Institute Reports A Major Crude Oil Draw

The American Petroleum Institute (API) is the only national trade associate that represents all aspects of America's oil and natural gas industry. API has more than 625 corporate members, from the largest major oil company to the smallest of independents and come from all segments of the industry. They are producers, refiners, suppliers, marketers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry.

API has reported a sizable draw on U.S. crude oil inventories, down 7.4 million barrels over the previous week. According to UPI -- The API said that Trump's administration could unravel regulatory burdens standing in the way of a more robust U.S. energy sector. According to American Petroleum Institute President and CEO Jack Gerard's estimate, more than 140 regulations or executive actions were enacted under President Barack Obama that work against, not for, the industry's objectives. Total U.S. oil production when Obama entered office in 2009 was 5.4 million barrels per day. The U.S. Energy Information Administration estimates a 2016 average of 8.9 million bpd, a 66 percent increase. To get more information on API reporting a major crude oil draw click on the picture below to read the article.