A Strategic Petroleum Reserve (SPR) release—which basically involves making additional barrels of crude oil available for sale to the world market—is meant to increase global supply. Meeting today’s demand with more supply is a recipe for lower prices. The United States released millions of barrels from our SPR in the past several months, as did many other countries.
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.”
McKinsey released a new report outlining the emissions profiles of plastic vs. non-plastic alternatives in multiple use cases. They found that in nearly every case examined, plastics are responsible for less greenhouse gas emissions throughout their lifecycle than alternative materials.
The U.S. petrochemical industry has a crucial and enduring role to play in meeting the needs of a growing world population while simultaneously fulfilling the imperative to produce petrochemicals in a sustainable and clean manner.
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.
AFPM opposes the Inflation Reduction Act as written. We evaluated the bill against our core principles, specifically whether the legislation would support strong U.S. refining and petrochemical industries and whether it pursued emissions reductions in a market-based and cost-effective manner. Unfortunately, the IRA falls short of these goals.
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.
Boyd Stephenson, senior vice president of government affairs and counsel at the National Tank Truck Carriers (NTTC), joins the podcast to discuss the trucking industry and US highway infrastructure.
Petrochemicals derived from oil and natural gas are the building blocks for products that protect our military personnel, create medical advancements to help save lives in combat, and aid our wounded warriors.
AFPM President and CEO Chet Thompson this week submitted comments to leaders of the House Transportation & Infrastructure Committee after the Committee’s inaugural hearing on the state of U.S. transportation infrastructure and supply chains failed to include customer perspectives.
