In 2007，the benefits of petroleum and natural gas industry，sub-industry displayed different market situations. The main reasons are that the international crude oil price is soaring，and the reform of domestic oil price mechanism is slowing down. Presently，in China，the management mode of oil and gas is still strengthening the controlling of upper and middle reaches，and gradually opening the lower reach. Three Oil and Gas Giants possess good benefits. They all increase exploration and strengthen infrastructure investment，which record the highest oil and gas investment. In China，the increasing speed of net imported crude oil is decreasing，while the volume of net imported oil is sharply falling，and the oil resource is further diversifying. Since our country developing energy conservation & less discharge and adjusting energy structure，natural gas and CEM are developing in the unprecedented speed. This article analyzes the new issues mingled with old problems of our country’s oil and gas industry in 2007. Finally，some corresponding strategies are suggested.