AFPM director of transportation and infrastructure, Rob Benedict, discusses the potential impacts proposed steel tariffs would have on the fuels and petrochemical industries.
WASHINGTON, D.C. – “The President’s proposal to waive the rules for E15 is unlawful and could actually make the problems of the Renewable Fuel Standard worse.
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 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."