Coronavirus developments are front of mind for everyone, including the staff at AFPM. We took a moment to speak with Jeff Gunnulfsen, senior director, security and risk management, about industry preparedness for the pandemic.
We enter the official 2020 hurricane season in June with a full appreciation that this year brings additional challenges as our nation continues a fight against a different yet deadly type of storm.
Fuel supply limitations resulting from the impact of hurricanes and other natural disasters on infrastructure, for example, can lead to price increases as the market reacts to rebalance supply and demand.
Hurricane Ida knocked out power to over one million people and created devastation that will take months to address. But as soon as the storm passed, the fuel and petrochemical industries began stepping up with financial assistance, in-kind donations and in-person support to help affected communities recover and rebuild.
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.
As Hurricane Lane, currently a Category 2 storm, makes its way towards Hawaii, our priority today is supporting Par Pacific Holdings, which is temporarily shutting down its 93,500 barrel per day refinery in Kapolei, on the island of Oahu, to ensure the safety of workers, and the community and environment surrounding the facility.
The unprecedented disaster wrought by Hurricane Harvey has the safety of friends, family, colleagues and communities along the Gulf Coast weighing heavy on our minds and hearts.
Fuel supply restrictions resulting from hurricanes and other natural disasters, often lead to price increases as the market reacts to rebalance supply and demand. To protect consumers, many states have enacted price gouging laws that limit a merchant’s ability to raise prices during an emergency.