API, AFPM Oppose Quotas, Tariffs, Bans on Imported Oil

    

   OAKHURST, N.J. (DTN) --- The American Petroleum Institute and American Fuels 
and Petrochemicals Manufacturers in a letter to U.S. President Donald Trump on 
Wednesday (4/1) spoke out against measures restricting supply as the industry 
grapples with the COVID-19 pandemic.

   "Imposing supply constraints, such as quotas, tariffs, or bans on foreign 
crude oil would exacerbate this already difficult situation, jeopardize the 
short and long-term competitiveness of our refining sector world-wide, and 
could jeopardize the benefits Americans experience as a result of our 
increasing energy dominance," API President and CEO Chet Thompson and AFPM 
President and CEO Mike Sommers wrote.

   U.S. refiners rely on crude oil imports as feedstocks, even as the country 
has increased crude production as well as crude oil and products exports. 
Restrictions on feedstock, they wrote, would put our exports at risk. 

   The letter indicated many U.S. refineries have cut production 25% or more on 
reduced products demand, particularly gasoline due to heavy travel restrictions 
and widespread social distancing. 

   "Ultimately, it is demand recovery that will help the upstream, midstream, 
and downstream American oil industry," said the CEOs.

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