WASHINGTON, D.C. – Chet Thompson, president and CEO of the American Fuel and Petrochemical Manufacturers, today issued the following statement applauding the passage of S. 1982, the Save Our Seas Act.
The temporary enforcement policy announced by the Environmental Protection Agency (EPA) triggered criticism about some in the oil and gas industry getting a “license to pollute” during a public health emergency.
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.