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McCabe, Janet[McCabe.Janet@epa.gov]
Jack Gerard, API
Wed 8/28/2013 1:27:41 PM
Gas Prices Update

August 28, 2013

Dear Janet,
As the summer driving season draws to a close, there's good news to report about supply
levels and the gas price forecast for fall and beyond:

Crude oil import levels dropped to their lowest level in 17 years due to record domestic
production.

fter peaking at $3.79 per gallon in

February and reaching a summer high of $3.63 in August, average gas prices are
projected to fall to $3.59 for the third quarter of 2013 and drop even further in 2014,
according to the ='-'=.;_;;;;:u;_.:"-=~=~"-=~-"=-==
Data and projections from the Energy Information Administration shows a downward
trajectory in average gas prices:
0 2012: $3.63 average price per gallon
0 2013: $3.52 average price per gallon
0 2014: $3.37 average price per gallon

It's worth noting that petroleum demand increased last month to its highest July level in three
years. To maintain domestic supply levels sufficient to meet growing demand and to help avoid
preventable production cost increases, we need policies to:

Increase access to domestic energy resources: Permitting on federal land declined

36 percent between 2008 and 2012, and energy development is still prohibited on
=~~of federally controlled land. Speeding up permitting and opening more areas to
responsible development can help increase U.S. supply, potentially reducing~~~~

Repeal the Renewable Fuel Standard (RFS): Increasingly unrealistic ethanol

requirements could lead to a
in gasoline costs by 2015, according to

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Approve Keystone XL: The Keystone XL pipeline would bring 800,000 barrels of crude
oil a day to U.S. refineries from Canada and the Bakken region of North Dakota,=-=='"""-'=i=~= and bringing us closer to the ability to obtain 100 percent of our liquid fuel
supply needs from stable North American sources. Five years of positive study findings
are enough to move forward.

Sincerely,
Jack N. Gerard
President & CEO
API

What's Up with Gasoline Prices?

Learn more about the factors influencing gas

prices in APl's '-'-=~-'='=::::"'-=~~=

Follow our Blog to stay up-to-date

To stay up-to-date on the latest energy-related

news, there is no better place to check than
the 1-ncrrn1

About API:
API represents more than 550 oil and natural gas companies, leaders of a
technology-driven industry that supplies most of America's energy, supports
9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $85 million
a day in revenue to our government, and, since 2000, has invested over $2
trillion in U.S. capital projects to advance all forms of energy, including
alternatives.

CREW FOIA 2014-006851-0001915

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Jack Gerard, API

1220 L Street, NW
Washington, DC 20005

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CREW FOIA 2014-006851-0001916