In today’s world of cyber attacks against companies, the idea of sharing information between companies on cyber developments and incidents is becoming more critical.
AFPM President and CEO Chet Thompson and API President and CEO Mike Sommers sent a letter to President Biden responding to recent letters the Administration sent to major U.S. fuel refiners suggesting that these companies, their workforces and facilities throughout the country aren’t doing their part to bring fuel to the market and lower energy costs for consumers.
A central theme running through the “Better Deal” economic policy agenda that the Democratic Party rolled out this week is the importance of creating—and protecting—good-paying jobs – jobs that will help boost middle-class incomes and create new economic opportunities nationwide.
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.
Alongside the publication of AFPM’s new study, “The Fuel & Petrochemical Supply Chains: Moving the Fuels & Products That Power Progress,” Flash Point interviewed leaders working on U.S. midstream infrastructure issues, including Sean Strawbridge, CEO of the Port of Corpus Christi.
It was 2010 and Jerry Wascom, ExxonMobil’s Americas refining director, was worried. Despite fuel and petrochemical manufacturers making significant improvements in the safety of their individual operations, across the industries there was an uptick in serious incidents. Workers were getting injured, surrounding communities were losing confidence, the reputation of the industries was being tarnished and regulators were becoming increasingly engaged. Wascom turned to his counterparts within the American Fuel and Petrochemical Manufacturers Association (AFPM), the industry trade group, and asked, “Are we doing enough to protect people?”
AFPM members including fuel manufacturers, petrochemical manufacturers and service providers (e.g., construction, technology and consulting firms) are seeking skilled employees for a range of positions.