AFPM and API respond to White House announcement

The American Fuel & Petrochemical Manufacturers (AFPM) has issued a statement in response to the White House’s latest announcement of a planned release of crude oil volumes from the Strategic Petroleum Reserve (SPR).

Chet Thompson, President and CEO of AFPM, said: “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. Nevertheless, we are committed to working with the Department of Energy to ensure their plan to replenish the SPR does not cause further market disruptions or disadvantage US refiners.

“The President and his team know that fuel prices are set by the global market and reflect supply and demand more than anything else. They are wrong to misdirect the American people on this point and to pretend their policies have no role in compounding today’s challenge.”

American Petroleum Institute (API) President and CEO Mike Sommers also issued a statement in response to President Biden’s remarks on gasoline prices:

“Increasing energy demand and constrained supply coupled with geopolitical instability and faulty policy decisions have driven fuel prices higher. At a time when American energy can be a stabilising force at home and abroad, we urge caution in continuing to rely on short-term efforts that are no substitute for sound long-term policies that enable American energy leadership.

“The administration should instead focus on addressing the fundamental economic and security challenges we face by spurring more investment in American energy, infrastructure and markets that enable US consumers to benefit from America’s reliable energy resources.”

Read the article online at: https://www.hydrocarbonengineering.com/refining/20102022/afpm-and-api-respond-to-white-house-announcement/