COVID-19 upended energy markets. Demand disappeared and producers scaled back. Now that economies are reopening, and the demand for goods and services is rebounding, the demand for energy all along the supply chain is increasing, driving up not only the cost of the feedstocks and fuels refineries and petrochemical manufacturers use, but also the cost of the energy used at every step of the supply chain.
WASHINGTON, D.C. – "Federal policy is discouraging supply by shutting down pipelines, putting future production off limits, talking down the future of the petroleum business, and imposing expensive requirements on refineries, chief among them a burdensome Renewable Fuel Standard. The Administration is blaming others when it ought to take a sober look at its own energy policy."
The U.S. refining industry has a widespread economic impact on our nation. It supports millions of American jobs and pumps billions of dollars into the economy, as documented by the new AFPM report Economic Contributions of U.S. Petroleum Refineries. Report highlights, based on the latest full year of data available through IMPLAN (2022), are featured in this blog.
