It looks like that many people use API keys as a security solution. The bottom line is: Never treat API keys as secret it is not. On https or not, whoever can read the request can see the API key and can make whatever call they want. An API Key should be just as a 'user' identifier as its not a complete security solution even when used with ssl.
The better description is in Eugene Osovetsky link to: When working with most APIs, why do they require two types of authentication, namely a key and a secret? Or check http://nordicapis.com/why-api-keys-are-not-enough/