Senate Decisions On U.S. Military And Costly Biofuels Harmful To Nation
WASHINGTON, Nov. 29, 2012 /PRNewswire-USNewswire/ -- The American Fuel & Petrochemical Manufacturers (AFPM) responded today to recent U.S. Senate endorsements of the purchase of costly biofuels by the U.S. military. Two votes in the last two days removed provisions from the 2013 defense authorization bill that would have prevented the Navy from unnecessarily spending hundreds of millions of dollars to purchase costly biofuels and to spend taxpayer dollars to build domestic biofuels refineries.
AFPM President Charles T. Drevna said, "As the 'fiscal cliff' approaches leaving many Americans to face the fallout from painful tax increases and significant spending cuts, the Senate has inexplicably voted on an outrageous increase in military spending by allowing acquisition of biofuels at a cost of as much as $26 a gallon, nearly eight times that of traditional fuels. The Senate's decision to remove a provision that barred the Navy from building new biofuel refineries is equally perplexing because the government shouldn't be competing with a private sector capable of producing fuels and essential products in the most cost efficient manner.
"Today our nation is facing a potential fiscal crisis, which if not resolved, could have a severe impact on economic stability and national security. While there may be a place for biofuels in the U.S. military's future, the decision to invest in those fuels should be based on sound economic judgment, and not political pandering that does nothing to advance national security."AFPM, the American Fuel & Petrochemical Manufacturers (formerly known as NPRA, the National Petrochemical & Refiners Association) is a trade association representing high-tech American manufacturers of virtually the entire U.S. supply of gasoline, diesel, jet fuel, other fuels and home heating oil, as well as the petrochemicals used as building blocks for thousands of vital products in daily life. AFPM members make modern life possible and keep America moving and growing as they meet the needs of our nation and local communities, strengthen economic and national security, and support 2 million American jobs.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV