WASHINGTON DC - American Fuel & Petrochemical Manufacturers President Charles T. Drevna issued the following statement today in response to President Obama's plan to increase oversight and crack down on alleged manipulation in oil markets:
"To the extent that there is any manipulation in the marketplace, the government should investigate and take corrective actions. Historical data shows speculators are not the primary force impacting prices at the pump. In fact, U.S. refiners count on financial markets to hedge against potentially higher crude oil costs, which work to prevent consumer costs from increasing further.
"We have vast untapped resources under our feet and off our shores and available from our good friend and neighbor Canada via the Keystone XL pipeline. If the president is serious about meeting our energy and national security needs, it's time we take the appropriate steps to increase our North American oil and natural gas production and bring our nation back to economic prosperity."