American Petroleum Institute News
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U.S. gasoline consumption in April dropped to the lowest level for the month in 13 years, the American Petroleum Institute said.
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Gasoline fell after the industry- funded American Petroleum Institute reported that U.S. inventories rose last week.
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West Texas Intermediate fell for a second day after industry data showed U.S. inventories rose for a fourth week, the longest run of gains since February. China’s oil stockpiles climbed for a second month.
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Oil supplies advanced 532,000 barrels to 390.7 million, the American Petroleum Institute said.
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West Texas Intermediate declined for the first time in five days as the dollar advanced against the currencies of U.S. trading partners.
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West Texas Intermediate crude declined from the highest closing price in seven weeks on speculation that supplies will remain sufficient in the U.S. even if stockpiles decreased as forecast last week.
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The conditional approval of a natural gas export terminal in Texas doesn’t necessarily open the floodgates for overseas sales as the U.S. weighs how best to use its growing energy resources.
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Oil and gas industry representatives offered qualified support for a U.S. proposal to govern hydraulic fracturing on public lands that establishes federal oversight while deferring to state standards in some cases.
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Women led eight of Washington’s 50 most politically active trade lobby groups and earned about $600,000 less than their male counterparts, according to salary data compiled by Bloomberg.
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Ultra-low-sulfur diesel declined after U.S. inventories increased last week and on concern Europe’s recession threatens demand for Gulf Coast exports.
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