Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.
AFPM President and CEO Chet Thompson issued the following statement in response to President Biden’s State of the Union address: "Using the State of the Union to politicize market fundamentals and single out stock “buy back” programs—while overlooking the fact that the Biden administration’s own policies discourage the reinvestment of earnings back into the U.S. liquid fuel supply chain—cheapens the dialog for everyone."
AFPM issued the following statement on the passage of California legislation that will empower the state’s unelected bureaucracy to impose an effective windfall tax and massive regulatory burden on the state’s remaining refineries. "...Add this legislative cocktail to the list of self-inflicted policy wounds for a state already bleeding people."
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.
Experts are predicting this year’s season to be similar to last or even a little less severe, with Colorado State University Tropical Forecast calling for 13 named storms, six hurricanes and two category 3 or higher hurricanes. And as they do every year, refining and petrochemical companies are doing their part to ensure they are prepared for every possible scenario and batting down the hatches, if you will.
Visit AFPM’s Hurricane and Weather Event Resource Center for more information on steps being taken to ensure the safety of our members’ facilities, their employees and the communities that surround them.
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.
Hurricane season is coming — beginning June 1 and lasting through the end of November — and with it comes unpredictable storms and heightened risks. With forecasts predicting up to 19 named storms and 10 hurricanes — the refining and petrochemical industries are prepared.
WASHINGTON, D.C. — AFPM Senior Vice President of Government Relations & Policy, Geoff Moody, issued the following statement today on Utah’s announcement of an agreement around House Bill 575.
