Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.
AFPM President and CEO Chet Thompson issued the following statement in response to President Biden’s State of the Union address: "Using the State of the Union to politicize market fundamentals and single out stock “buy back” programs—while overlooking the fact that the Biden administration’s own policies discourage the reinvestment of earnings back into the U.S. liquid fuel supply chain—cheapens the dialog for everyone."
AFPM President and CEO Chet Thompson this week submitted comments to leaders of the House Transportation & Infrastructure Committee after the Committee’s inaugural hearing on the state of U.S. transportation infrastructure and supply chains failed to include customer perspectives.
AFPM issued the following statement on the passage of California legislation that will empower the state’s unelected bureaucracy to impose an effective windfall tax and massive regulatory burden on the state’s remaining refineries. "...Add this legislative cocktail to the list of self-inflicted policy wounds for a state already bleeding people."
H.R. 1 is an investment in U.S. energy security. Fuel and petrochemical manufacturers, and the energy infrastructure companies that make it possible to get our feedstocks and products from point A to point B, welcome the additional clarity and regulatory certainty this legislation will provide.
WASHINGTON, D.C. — A new survey from the non-partisan Mason-Dixon Polling & Strategy, Inc. finds nearly 60 percent of Virginians believe the General Assembly should repeal the 2021 law that imposes California’s new car mandates on the Commonwealth. Only 30 percent are against repeal.
WASHINGTON, D.C. – American Fuel & Petrochemical Manufacturers (AFPM) today issued the following statement from Leslie Bellas, AFPM vice present of regulatory affairs, commending the U.S. Environmental Protection Agency’s (EPA) decision to grant Louisiana primary enforcement responsibility (primacy) for the permitting and regulation of Class VI injection wells in the state. EPA’s decision makes Louisiana the third state, after North Dakota and Wyoming, where carbon capture projects have a streamlined permit approval process that allows for safe and efficient implementation.
WASHINGTON, Sept. 28, 2023—American Fuel & Petrochemical Manufacturers (AFPM) Senior Director of Fuels & Vehicle Policy Patrick Kelly today testified before the National Highway Traffic Safety Administration against its proposal on two vehicle groups that serves as a de facto ban on internal combustion engine vehicles.
You may have seen that AFPM is shining a spotlight on the Commonwealth of Virginia and its unlikely tie to California’s looming ban on gasoline and diesel vehicles. Allow us to explain why, and also to lay out the current state of vehicle mandates and bans in Virginia.
WASHINGTON, D.C. – The American Fuel and Petrochemical Manufacturers (AFPM) today launched the first TV ad in its issue campaign to raise awareness and build support for repealing the 2021 law that requires Virginia to enact California’s electric vehicle mandates and bans on sales of new internal combustion engine vehicles.
