markets

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."

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.

Eight midwestern governors have petitioned the EPA seeking to opt their states out of the federal 1-pound Reid Vapor Pressure (RVP) waiver which is a requirement to sell the current summertime blend of E10 gasoline. If these requests are granted, the E10 gasoline currently sold in most of the country during summer months will no longer be offered for sale in these states and annual costs to introduce a new gasoline bend will range from $500-$800 million each year.

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."