Governor Gavin Newsom continues to blame fuel refiners for California’s highest-in-the-nation fuel prices. He couldn't be more wrong. The problem and solution to much of California’s fuel price challenge can be found in Sacramento policy. Take a look to better understand the role of policy in regional price differences, why it’s inaccurate to equate “margins” or “refinery cracks” with “profits,” and why windfall profit taxes are a known policy failure.
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.
On Tuesday, November 29th AFPM President and CEO Chet Thompson sent a letter to Congressional leadership urging their immediate intervention to avoid a rail worker strike. Thompson stressed that time is of the essence since shipping embargos and service curtailments capable of disrupting U.S. manufacturing, fuel production and freight deliveries are starting now, well before a December 9 work stoppage. A copy of AFPM’s letter is available here and excerpts can be found below:
WASHINGTON, D.C. – Today, Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers, made the following statement regarding the Administration’s announcement of tariffs on products made in Mexico.
WASHINGTON, D.C. — American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson issued the following statement addressing the potential impact of tariffs levied on crude oil and refined products from Canada and Mexico.
WASHINGTON, D.C. – American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson released the following statement ahead of the North American Free Trade Agreement (NAFTA) negotiating meetings in Mexico City beginning today:
WASHINGTON, D.C. – American Fuel & Petrochemical Manufacturers (AFPM) President and CEO Chet Thompson released the following statement ahead of the North American Free Trade Agreement (NAFTA) negotiating meetings in Mexico City beginning today
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:
