One of America’s major strengths when it comes to the economy and global trade is our petrochemical industry, which produces the building blocks used in manufacturing supply chains across the globe.
As American manufacturers champion their contributions to economic competitiveness and product innovation today, the industry has yet another reason to celebrate – U.S. manufacturing employment is still on the rise.
A 15-year rise in U.S. exports of refined products continued in 2019 with our nation exporting more than ever, underscoring the importance of these products to fueling a growing world.
U.S. refineries are the most complex in the world, allowing them to extract more value out of each barrel of oil than any other refining system globally. This competitive edge is made possible by access to global markets.
The United States is the now largest producer of crude oil and has the largest, most complex and most efficient refining industry in the world. Yet two of our most important oil trading partners are those that share our borders: Canada and Mexico.
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.
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.
