>500*F or materials with high galling tendency (316 for example) both require the extra 0.005". The API table is minimum clearances, but there is no reason you would want larger, you'd just lose efficiency.
You can go tighter with non-metallic (Vespel CR-6100 case rings for example) because the table only applies to metal on metal running clearances. That is where most of the improved efficiency claims come from for non-metallic rings.