American Petroleum Institute - Definition
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American Petroleum Institute
The American Petroleum Institute (API) is a leading trade association for the oil and gas industry. It is the largest organization within the oil and gas industry. API has over 625 oil and gas corporations as its members. As a trade association, API represents the interest of its members and provides support in the production, refinement, and distribution of oil and gas products.
A Little More on What is the American Petroleum Institute
As the largest association of the oil and gas industry, the American Petroleum Institute boasts of a membership base of over 625 corporations ranging from those into the exploration and production of oil and gas, refinement, marketing, pipeline maintenance, and others. API represents the oil and gas industry to the public and engages itself in public policy and other regulations that would have a direct or indirect effect on the oil and gas industry. API is also the legal representative of the industry and form partnerships with other associations on the formation of public policy, environment, health and safety regulations, and others.
The American Petroleum Institute (API) activities
The major activities of the American Petroleum Institute are highlighted below;
- The American Petroleum Institute engages itself in industrylobbying for the benefit of its member corporations and the public at large.
- API conducts research and collate data and statistics that will help corporations in the industry perform better in the exploration, production, refinement, and distribution of oil and gas products.
- API also conducts training and certification programs for its members and interested participants with the goal of fostering professional practice in the oil and gas industry.
- API provides technical support for its members and organizes seminars and workshops.
The American Petroleum Institute was established in 1916 and was headquartered in New York City. Before its formal establishment, API could be traced to the time during World War I, when corporations in the domestic oil and natural gas industry worked together to put an end to the war. After World War 1, API was created and it included all the oil and gas companies formed in 1911. A year after the establishment of the API, it began publishing weekly statistics on crude oil production. Subsequently, API began to foster industry standards in 1924, it also collaborated with the United States Treasury Department on the effective ways to tax oil assets. In 1969, API moved to Washington DC where its new headquarters was located.
Reference for American Petroleum Institute