As Hurricane Florence approached the East Coast this week, nearly two million residents throughout the Carolinas, Maryland and Virginia were placed under evacuation watch.
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 Peter Lidiak, vice president of the International Liquid Terminals Association.
All eyes are on Hurricane Ian, which is expected to approach Florida’s west coast later Wednesday and into Thursday bringing high winds and massive amounts of rain. Although our nation’s refiners and petrochemical manufacturers do not have facilities in the affected region, we’d like to urge the people in the area to prepare for the storm and heed all evacuation notices. Florida residents can get critical preparedness and evacuation information here .
The cost of Renewable Fuel Standard (RFS) compliance credits, specifically D6 renewable identification numbers (RINs), is out of control. Sales of D6 RINs for conventional ethanol recently registered above $1.90 (the highest trades in history).
WASHINGTON, D.C. – Today, the U.S. Department of Energy, Office of Fossil Energy and the U.S. Department of Transportation, Pipeline and Hazardous Materials Safety Administration formally submitted the Congressionally-mandated Sandia National Laboratories technical report on crude oil combustion properties to Congress.
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).
WASHINGTON, D.C. – Richard Moskowitz, General Counsel of American Fuel & Petrochemical Manufacturers, made the following statement on North Dakota and Montana’s petition for a preemption determination regarding Washington state’s new law on allowable vapor pressure limits for crude-by-rail transport.
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.
Visit AFPM’s Hurricane and Weather Event Resource Center for more information on steps being taken to ensure the safety of our members’ facilities, their employees and the communities that surround them.
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.