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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:

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.

AFPM President and CEO Chet Thompson issued the following statement regarding President Biden’s suggestion that a Windfall Profit Tax should be considered to address fuel supplies and prices: “Once again, the President is more worried about political posturing before the Midterms than he is about advancing energy policies that will actually deliver for the American people."

Earnings in commodities-based industries tend to be cyclical. Because of the up-and-down reality of refining, it would be a mistake to regulate or legislate based on the high points. A few quarters of earnings don’t provide an accurate representation. That context is important for answering the question of what happens with refinery profits and whether using earnings to “buy back” stock from shareholders is an appropriate use of those funds.

The American Fuel & Petrochemical Manufacturers (AFPM) today released a new video highlighting the safety approach and measures used by U.S. refineries with hydrofluoric acid (HF) alkylation units.

AFPM President and CEO Chet Thompson issued the following statement in response to the White House’s latest announcement of a release of crude oil from the SPR: “The SPR was never meant to serve as a substitute for actual crude oil production. At best, SPR releases are a short-term fix, not a long-term solution or signal of stability to a market craving reassurance..."

The American Fuel & Petrochemical Manufacturers (AFPM) and American Petroleum Institute (API) today released the following statement after a meeting that included Secretary of Energy Jennifer Granholm, senior White House officials and leaders of the top U.S. refining companies

The U.S. petrochemical industry has a crucial and enduring role to play in meeting the needs of a growing world population while simultaneously fulfilling the imperative to produce petrochemicals in a sustainable and clean manner.

“Refiners and petrochemical manufacturers are relieved that the two sides were able to come to agreement and avert what would have been a disastrous event for our economy and energy security."