AFPM President and CEO Chet Thompson issued the following statement in response to the White House’s latest announcement of a release of crude oil from the SPR: “The SPR was never meant to serve as a substitute for actual crude oil production. At best, SPR releases are a short-term fix, not a long-term solution or signal of stability to a market craving reassurance..."
AFPM President and CEO Chet Thompson issued the following statement regarding President Biden’s suggestion that a Windfall Profit Tax should be considered to address fuel supplies and prices: “Once again, the President is more worried about political posturing before the Midterms than he is about advancing energy policies that will actually deliver for the American people."
Restricting exports would be a major unforced error for the President, tightening global fuel supplies, throttling U.S. fuel production and increasing costs for American consumers. Likewise, imposing product inventory requirements boils down to siphoning gasoline and diesel into storage, and away from consumers.
Not only do the fuel and petrochemical industries make it possible, they’re also responsible for preserving and maintaining some of the best-known landmarks all over the world. Read on to join us for a ‘round the globe trip to some of the world’s most famous petrochemicals!
Moving the needle on plastic waste is no small feat, but petrochemical manufacturers are revolutionizing what’s possible. Advanced recycling technologies utilize advanced processes that break plastic waste all the way down to its original chemical components - expanding the types of plastics that can be recycled, and creating a higher-quality feedstock.
AFPM President and CEO Chet Thompson issued the following statement on the Environmental Protection Agency’s (EPA’s) proposal of light- and heavy-duty vehicle GHG emission standards: "EPA's proposal to effectively ban gasoline and diesel vehicles is bad for consumers, the environment, our freedom of mobility and U.S. national security. It’s unconscionable that the Administration would propose this knowing full well that China controls 80% of global battery production capacity..."
Eight midwestern governors have petitioned the EPA seeking to opt their states out of the federal 1-pound Reid Vapor Pressure (RVP) waiver which is a requirement to sell the current summertime blend of E10 gasoline. If these requests are granted, the E10 gasoline currently sold in most of the country during summer months will no longer be offered for sale in these states and annual costs to introduce a new gasoline bend will range from $500-$800 million each year.
In a tight refined product market it has been U.S. refiners that have stepped up. Our industry ran full-out for most of 2022 making sure American consumers, our domestic economic centers and our allies had enough gasoline, diesel and jet fuel to keep everyone moving. Our refining sector leads the world in liquid fuel production and is effectively doing more than any other to bring better balance to the global market.
U.S. refining capacity increased to more than 18.8 million barrels per day as of January 1, 2019, the highest capacity on record, according to a new report issued by the Energy Information Administration.
