The U.S. refining industry is the most competitive in the world, which is a benefit to American households. Our complex facilities are uniquely suited to handle difficult-to-refine crude oil and other petroleum feedstocks that refineries elsewhere cannot process. This creates competitive advantage. At the same time, the United States is able to sell some of our higher-quality crude to countries that need it. This combination is powerful.
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.
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."
In a tight refined product market it has been U.S. refiners that have stepped up. Our industry ran full-out for most of 2022 making sure American consumers, our domestic economic centers and our allies had enough gasoline, diesel and jet fuel to keep everyone moving. Our refining sector leads the world in liquid fuel production and is effectively doing more than any other to bring better balance to the global market.
WASHINGTON, D.C. – The American Fuel & Petrochemical Manufacturers (AFPM) is pleased to announce ExxonMobil’s Karen McKee—president of ExxonMobil Product Solutions Company—as the 2024 Petrochemical Heritage Award recipient for her outstanding contributions to the petrochemical community. McKee received the award today, March 25 during the International Petrochemical Conference in San Antonio, Texas hosted by AFPM.
2019 has ushered a slew of energy conferences to the oil- and gas-friendly state of Texas, and in some cases the media took issue with the lack of diversity — mainly women.
Nine U.S. senators today called on the administration to uphold the law and ensure that qualified small refineries continue to have protection from disproportionate economic hardship brought on by the Renewable Fuel Standard (RFS).
Today, AFPM launched an advertising campaign asking President Trump to keep his promise to protect U.S. refiners from unchecked ethanol mandates that threaten to kill our jobs.
Mowing lawns is a summertime rite of passage in America, providing young people with experience pitching their business to neighbors, keeping a work schedule, and making and managing money—from purchasing the gasoline that fuels the operation, to budgeting for the oils and lubricants that keep a mower’s engine and blades running smoothly.
