NPRA testifies at House Energy and Commerce hearing
Bob Slaughter, president of the National Petrochemical & Refiners Association, testified before the House Energy and Commerce Committee’s hearing on “Gasoline: Supply, Price and Specifications.” In his testimony, Slaughter stated, “The state of the gasoline market today reflects supply and demand, and the arithmetic is not complicated. What is happening is what the textbooks say should happen. With domestic demand for refined products accelerating and outpacing our ability to meet those needs with domestic supplies, coupled with the ever-increasing global demand for these same products, market volatility will continue. Although this situation is unsatisfactory, it can only be alleviated with increased supply.”
NPRA made several policy recommendations to the committee to help refiners meet the transportation fuel needs of the nation: make increasing the nation’s supply of oil, oil products and natural gas a number one public policy priority; resist tinkering with market forces, including punitive measures like “windfall profits” taxes, LIFO repeal or elimination of foreign tax provisions; remove barriers to increased production of domestic oil and gas resources; continue to provide incentives for refinery expansion or new refinery construction; review permitting procedures for new refinery construction and refinery capacity additions; and finally, keep a close eye on several upcoming regulatory programs that could have major impacts on gasoline and diesel supply.