American Petroleum Industry (API)
Definition - What does American Petroleum Industry (API) mean?
The American Petroleum Industry refers to the industry that began in 1859 in the wake of an oil discovery at Oil Creek, Pennsylvania, USA. The industry is involved in the exploration for oil, as well as the production, processing, transportation and marketing of natural gas and petroleum products. Petroleum accounts for more than one third of the energy consumed in the United States.
Safeopedia explains American Petroleum Industry (API)
For most of the 19th and 20th centuries, the United States was the world's largest poducer of oil. It is now the third largest oil producer. The largest oil producing region of the United States is the Gulf of Mexico, followed by Texas and California. The American Petroleum Institute is the largest trade association for the petroeum industry in the United States, representing more than 400 corporations within the industry.