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.
Right now, members of Congress are debating a series of taxes as part of the multi-trillion-dollar reconciliation package that could make the crude oil that runs through U.S. refineries more expensive.
Polyester soccer jerseys, polyethylene swim lane dividers, carbon track shoe insoles, and the jet fuel that moves athletes all over the world. These are just a few examples of the and fuels and petrochemical-based materials that play an irreplaceable role in summer sports.
Refineries are not the story when it comes to retail gasoline prices. Raw materials (in this case crude oil) account for the biggest share of the final price consumers pay.
The cost of Renewable Fuel Standard (RFS) compliance credits, specifically D6 renewable identification numbers (RINs), is out of control. Sales of D6 RINs for conventional ethanol recently registered above $1.90 (the highest trades in history).
AFPM members know that petrochemicals are invaluable to the production of countless consumer products. But many Americans may not realize how much they rely on xylene, benzene, butadiene, toluene, ethylene and propylene when they opt to spend time outside.
WASHINGTON, D.C. - This is a poorly devised bill that runs contrary to its purported purpose of improving the global environment. Banning the export of U.S. manufactured petrochemicals and polymers is shortsighted and will negatively impact global supply chains for essential materials and products.
As industries with deep-running safety cultures and critical roles in product supply chains, the fuel and petrochemical industries are uniquely positioned to share vital products with some of those most in need during the COVID-19 pandemic.
