With big earnings being reported in the refining sector and countless stories focusing on national gasoline and diesel prices, it’s natural to want to know how fuel manufacturing is affected by today...
The American Fuel and Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson and American Petroleum Institute (API) President and CEO Mike Sommers today sent a letter to U.S. Secretary of Energy Jennifer Granholm raising significant concerns that the administration could pursue a ban or limits on refined petroleum products. “Banning or limiting the export of refined products would likely decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices, and alienate U.S. allies during a time of war,” Thompson and Sommers wrote.
WASHINGTON, D.C. – Statement by American Fuel & Petrochemical Manufacturers (AFPM) President Chet Thompson on the House Concurrent Resolution 112, expressing the sense of Congress opposing President Obama's proposed tax on every barrel of oil:
WASHINGTON, D.C. – American Fuel & Petrochemical Manufacturers (AFPM) President Chet Thompson released the following statement in response to President Obama’s State of the Union address:
Russian crude oil accounts for just three percent of U.S. crude oil imports and about one percent of total crude oil processed by U.S. refineries. Even still, Russian crude oil imports are important to refineries on the West Coast and Gulf Coast for some distinct reasons. Read more on this topic from AFPM’s industry analysts in their recent assessment: “U.S. Imports of Crude Oil and Petroleum Products from Russia.”
SPR releases cannot be the center of this Administration’s strategy to confront inflation and high energy prices. At best, SPR releases are a short-term fix, they are not a solution. Stability and certainty is what global crude oil markets crave.
AFPM President & CEO Chet Thompson sent a letter House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy expressing AFPM’s opposition to H.R. 7688, the Consumer Fuel Price Gouging Prevention Act.
AFPM President and CEO Chet Thompson and API President and CEO Mike Sommers sent a letter to President Biden responding to recent letters the Administration sent to major U.S. fuel refiners suggesting that these companies, their workforces and facilities throughout the country aren’t doing their part to bring fuel to the market and lower energy costs for consumers.
We are surprised and disappointed by the President’s letter. Any suggestion that U.S. refiners are not doing our part to bring stability to the market is false. We would encourage the Administration to look inward to better understand the role their policies and hostile rhetoric have played in the current environment.
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.