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B
Senator
webb
senator
westerfield
senator
wheeler
representative
blanton
representative
bowling
representative
bridges,
representative
burch,
representative
cantrell,
representative
dosset,
president
representative
dosset,
dotson
representative
duplessy,
here
representative
flannery,
here,
representative
fugate,
here,
representative
johnson,
here,
representative
kirk,
mccormick
here,
representative
marzian,
representative
miles
representative
gibbons
brunty
here,
representative
scott
representative
stevenson,
representative
wesley
here,
representative
white,
here
co-chair
smith
and
co-chair
gooch.
Here.
A
C
Let's
pray
heavenly
father,
thank
you
for
the
opportunity
to
be
here
today
and
lord.
Thank
you
for
the
blessings
that
you
give
us
even
in
tough
times
lord.
We
pray
for
those
back
home
that
are
hurting
today
that
have
lost
a
lot
of
things
and
lost
some
lives.
Lord,
I
pray
you'd
bless
every
family.
I
pray
god
you'd
help
us
to
be
a
help
to
those
that
we
can.
I
thank
you
for
all
the
help.
C
C
A
A
Ladies
and
gentlemen,
as
we
get
started
this
morning,
obviously,
as
what
representative
fugit
had
mentioned
about
the
devastation
that's
happened
and
and
the
mounds
of
eastern
kentucky,
I
will
tell
you
that
it's
really
too
hard
for
me
to
talk
about
honestly.
But
I
do
want
to
mention
that
we
had
a
meeting
a
few
days
ago
and
we
had
the
senate
president
came
down.
A
We
had
senator
thayer
and
and
julie
rock
senator
adams,
chris
mc
senator
mcdale's
came
down
and
some
staff,
and
we
we
sat
down
without
any
media,
which
I
have
to
tell
you.
I
really
like
that,
because
it
wasn't
a
publicity
stunt
and
we
brought
in
our
a
lot
of
our
mayors
and
our
judges
and
sat
down
a
room
and
started
going
through
some
of
the
numbers
of
what
it's
going
to
take.
A
So
I
appreciate
my
leadership
in
the
senate
and
and
chris
representative
fugitt
and
representative
wesley
there's
so
many
in
here
and
senator
turner
that
have
been
on
the
ground,
helping
us,
but
I
appreciate
the
ones
that
are
doing
it
behind
the
scenes
and
you
don't
see
them
doing
interviews
and
you
don't
see
the
cameras.
But
what
you
do
see
is
somebody
up
to
their
knees
in
mud,
handing
somebody
diapers
or
water
or
mres,
or
a
tent
or
air
mattress
or
wading
across
a
creek
to
take
somebody
a
generator.
A
So
they
can
have
an
air
conditioner.
So
there's
a
lot
of
heroes
that
you
may
not
see
in
a
photo,
op
or
may
never
even
hear
about
so.
My
comments
today
are
to
those
people
and
they
know
who
they
are
our
national
guard.
These
airmen
and
women
have
done
stuff.
That
is
absolutely
incredible
to
be
the
first
ones
on
the
scene
to
pull
people
out
of
the
roofs
of
their
house
to
grab
children
that
were
pulled
out
of
their
parents,
arms
in
the
streams,
the
rescue
dog.
A
I
don't
know
if
you've
seen
this
hey,
what's
her
alley,
is
that
her
name?
I
always
get
this
wrong,
but
this
incredible
dog,
if
you
noticed
and
any
of
this
stuff
that
we
were
able
to
post
how
muddy
that
dog
was
if
you
knew
how
many
times
that
animal
had
had
to
go
into
the
most
awful
churning
water
to
to
to
make
a
rescue
really
really
incredible
stuff.
So
with
that
said,
I'd
like
to
ask
just
for
a
moment
of
silence
for
the
heroes
of
the
flood
of
2022.
A
All
right
now,
let's
get
on
with
our
meeting
we're
going
to
go
just
a
little
bit
out
of
order.
Wait,
I'm
getting
directed
for
something
else
here,
oh
yeah,
we
we
have
a
new
staff
person
which
I
met
just
a
little
while
ago,
and
I
I'm
going
to
apologize
in
advance
caleb.
I
get
your
last
name
wrong,
but
is
it
it's
caraway?
A
A
All
right
now,
I'm
going
to
ask
fish
and
wildlife
to
come
up
to
the
table.
Do
we
see
the
commissioner
in
here
anybody
with
fish
and
wildlife
and
we're
going
to
let
them
go
first,
because
it
won't
take
just
a
minute.
It's
just
some
housekeeping
stuff
that
we
have.
A
Oh
miss
gilbert.
Could
you.
D
A
Well,
I
will
say
this
about
commissioner
storm:
we
had
a
young
18
year
old
boy
who
lost
his
life,
helping
in
this
stuff,
and
I
know
that
he
personally
went
and
visited
with
that
family
and
just
as
I
was
coming
in
here,
the
uncle
of
the
young
man
was
talking
about
how
much
of
an
impression
that
that
left
on
that
family
for
him
to
drive
over
there
to
just
check
on
them.
So.
E
A
D
It
was
going
to
expire
as
part
of
the
sunset
law
and
they
had
filed
that
months
ago
and
then,
through
the
legislative
session,
there
were
some
changes
that
were
needed
in
order
to
conform
to
sb217,
and
so
that's
why
the
amendment
was
necessary
at
this
point.
We
wanted
to
do
it
now
before
the
regulation
became
effective,
and
then
we
had
to
open
it
up
again
and
go
through
that
long
process.
So.
A
C
I
think
every
officer
down
there
was
part
of
the
rescue
teams
also,
but
ever
since
that
every
officer
has
come
loaded
up
and
took
truckloads
of
stuff
out
to
people
who
need
it,
and
I
just
I
appreciate
rich's
commissioner
storm's
leadership,
eric
gibson's
leadership
and
everything
that
you
all
have
done
for
the
people
in
east
kentucky
and
that
I
just
want
to
say
that
publicly.
Thank
you
all
for
everything.
You've
done.
D
Thank
you,
mr
chairman.
You
all
have
been
in
our
thoughts
and
prayers
and
many
discussions
at
the
department
and
we've
had
people
from
every
division
that
have
been
delivering
hot
meals
and
taking
cases
of
water,
and
I
would
like
to
recognize
them
just
just
in
conjunction
with
what
you're
saying,
because
it's
really
been
a
concerted
effort
by
the
whole
department
to
support
you
all
and
we'll
continue
to
do
it.
A
Well,
we
echo
that
we
appreciate
you
all
so
with
your
motion.
Carry
the
rescue
regulations
just
simply
needed
to
be
on
our
agenda,
so
you
are
free
to
go,
but
as
you're
leaving
the
table,
I
do
want
to
mention
representative
feugen
right
now,
as
he's
here
has
got
a
complete
full
building
full
of
people
on
cots
that
he's
been
responsible
for
daily,
since
we
brought
them
in
that,
I
think
they
said.
1500
people
came
through
our
gateway
there
at
the
airport
and
I
apologize
for
my
voice.
A
I've
been
dealing
with
a
little
bit
of
a
heat
stroke,
but
representative
fugit
has
been
one
of
those
unsung
heroes,
and
I
know
representative
wesley
has
been
on
the
ground
as
well
and
I'm
sure
others
here
have
been.
I
apologize
senator
turner
too,
but
just
he
will
leave
here
today
and
probably
feed
or
tend
to
or
take
care
of
over
100
some
people
and
then
he'll
spend
the
rest
of
the
day
out
in
these
communities
taking
stuff,
and
so
I'd.
I'd
like
to
honestly
I'd
like
to
honor
these
men.
A
I
know
they
don't
want
to
know.
Chris
is
going
to
kill
me,
but
I
will
tell
you
from
my
heart.
I
appreciate
the
sacrifice
and
the
fact
that
it
doesn't
end
here
with
us
just
thanking
them.
I
know
what
the
rest
of
his
day
is
going
to
look
like
and
the
rest
of
his
week
in
the
long
term
fight
for
us
to
be
out
there
doing
it
and
and
chris.
I
appreciate
that
all
right
guys
on
to
work
senator
turner.
C
A
Thank
you,
let's
go
ahead
and
get
looks
like
david
mcgowan
and
I'm
sorry
rusty,
cresco
and
come
up
and
dean
foreman.
I
think
he's
with
you
all
anybody.
You
all
want
to
actually
come
to
the
table
and-
and
you
all
please
go
ahead
and
identify
yourselves
for
the
records
and
then
I'll
turn
it
over
to
you.
C
F
F
F
As
as
rusty
mentioned
again,
I'm
I'm
in
the
southeast
region
represent
the
southeast
region
here
that
consists
of
virginia
the
carolinas
georgia,
tennessee
and
kentucky,
and
I
I
first
want
to
take
an
opportunity
to
extend
our
sympathies
and
my
sympathies
to
the
folks
of
eastern
kentucky
and
and
to
you,
representative,
fugate,
and
you
senator
smith,
for
all
the
work
that
you
all
have
done
and
the
challenges
that
you
are
facing
and
certainly
understand
and
appreciate
that
and
again
extend
our
sympathies
to
you
and
all
of
your
constituents.
F
As
rusty
mentioned.
We're
fortunate
today
to
have
a
true
expert
on
the
line
with
us.
I'm
certainly
not
an
expert
in
all
of
the
issues
of
the
industry,
and
so
we
have
dean
foreman,
dr
dean
foreman,
on
the
line
with
us
today.
F
F
Dean
is
a
foremost
expert
on
energy
markets,
both
globally
and
here
in
the
united
states,
and
specifically,
obviously
related
to
oil
and
natural
gas,
and
so
I'm
very
thankful
to
have
dean
here
today.
Again,
he
he's
gonna,
give
the
the
bulk
of
the
presentation
and
kind
of
give
you
his
perspective
on,
what's
going
on
again
in
the
global
markets,
as
well
as
in
the
markets
here
in
the
united
states,
and
then
more
specifically,
what's
been
happening
here
in
kentucky.
F
G
G
So,
in
addition
to
being
the
largest
trade
association
representing
all
aspects
of
the
industry,
as
david
mentioned,
we're
also
a
data
source
on
the
industry.
We
survey
up
to
90
percent
of
the
companies
across
the
u.s
every
week,
so
we
are
a
leading
source
where
we
put
out
reports
on
a
weekly
basis
with
weekly
estimates
a
day
ahead
of
the
u.s
energy
information,
administration
and
monthly
estimates
with
the
latest
report
coming
up
today,
actually
two
months
ahead
of
eia,
so
we
have
some
of
the
best
quality
information.
G
It's
contemporary
I'd,
like
whatever
is
on
your
mind
concerning
gasoline
diesel
oil
prices,
energy,
whatever
you'd
like
to
discuss
today,
we'll
leave
time
to
to
go
through
that
I've
put
together
some
materials
here.
That
summarize
a
lot
of
this
current
information
that
here
are
the
key
takeaways
and
when
we
look
at
gasoline
prices
year
on
year,
just
comparing
what's
happened
this
year
yeah,
they
were
elevated
up
until
a
few
weeks
ago
and
they've
come
down
and
they've
come
down
with
crude
oil.
G
They
went
up
with
crude
oil,
they've
come
down
with
crude
oil
and
it's
important
when
you
look
over
the
first
half
of
the
year
and
just
compare
back
to
last
year
over
85
percent
of
the
change
that
consumers
are
seeing
in
the
price
of
the
pump
has
related
directly
to
it's,
the
pulse
of
just
crude
oil
prices
globally.
Having
gone
up
and
keep
in
mind,
these
are
global
markets.
It's
a
globally
traded
commodity,
a
lot
of
buyers,
a
lot
of
sellers,
but
the
rest
of
it
that
you'd
be
talking
about.
G
G
G
That
difference
of
one
million
barrels
per
day
is
what
we
are
currently
taking
out
of
our
strategic
petroleum
reserves.
So
you
know
we're
we're
papering
over
it
or
performing
triage
to
try
to
compensate
for
demand.
That's
been
outstripping
production
demand,
as
it
exists
today,
is
very
close
to
where
it
was
in
2019.
G
In
fact,
if
we're
looking
at
the
weekly
data
that
came
out
yesterday,
21.2
million
barrels
per
day
of
consumption
of
petroleum
products
in
the
united
states-
that's
up
almost
9
since
the
same
point
last
year.
So,
despite
a
diminished
economic
expectation,
a
slower
economy-
that's
expected
here,
you
know
as
if
the
economy
is
growing
at
all,
it
needs
more
energy
and
we're
seeing
the
energy
demand.
Oil,
natural
gas
across
the
spectrum
of
all
energy
going
hand
in
hand
with
the
economy.
Here
now,
as
demand
in
the
us
and
globally
has
been
holding
up
really.
G
Well,
you
know
production
due
to
a
combination
of
workforce
and
supply
chain
and
financial
and
energy
policy.
Headwinds
has
really
been
challenged
to
step
up
and
meet
meet
that
demand
challenge
and
in
the
way
the
u.s
energy
information,
administration
or
eia
does
its
outlook
going
forward,
and
you
can't
just
take
it
as
a
projection.
You
have
to
look
at
it
as
they
make
certain
assumptions.
If
those
assumptions
hold,
then
you
can
model
the
outcome
that
they
show
and
the
key
assumptions
that
they
make
are
that
opec
would
respond
this
year
by
expanding
its
production.
G
2.2
million
barrels
per
day
is
the
latest
assumption.
It
had
been
as
high
as
2.8
million
barrels
per
day
and
that
the
us
would
add
1.4
million
barrels
per
day.
That
is
what's
necessary
in
their
view
to
balance
global
markets
so
far
up
to
this
point
in
year.
Neither
of
these
assumptions
have
tracked
particularly
well
compared
to
the
reality
of,
for
example,
how
much
opec
has
agreed
to
put
on,
in
the
wake
of
president
biden's
visit
to
riyadh
last
month.
G
So,
as
of
you
know,
recently,
opec's
running
at
about
half
of
this
amount
and
the
us
is
trailing
the
amount
that's
shown
here
so
where
this
shortage
of
the
million
barrels
per
day
that
I
mentioned
that
we're
trying
to
make
out
of
strategic
petroleum
reserves
is
showing
up.
We
now
have
in
terms
of
inventories
in
the
united
states,
commercial
commercially
held
inventories
are
at
their
lowest
level
as
of
august
5th,
since
2014.
G
G
So
the
skins
in
the
game
of
yeah
for
oil
markets
in
buying
or
selling
with
firm
commitments,
the
ability
to
to
either
hedge
the
price
or
have
physical
delivery
of
these
things
in
months
that
come,
the
futures
prices
have
been,
the
term
is
backwardated,
but
the
prices
in
months
in
the
future
are
lower
than
the
prices
today
in
the
futures
market.
When
that
happens,
you
have
very
little
incentive
to
buy
and
hold
inventories.
G
That's
why
these
commercial
inventories
are
at
their
lowest
since
2014.,
and
that's
expected
behavior,
it's
economic
and
normal
behavior
for
the
way
inventories
would
work
for
any
business.
That's
trying
to
be
efficient
in
the
way
it
runs
when
you
don't
have
that,
though,
and
when
you
expect
and
see
that
commercial
inventories
are
getting
historically
low,
the
fallback
for
this
and
our
nationwide
strategic
petroleum
reserves
are
meant
to
guard
america
against
the
potential
disruption
and
supply
we
now
have.
G
As
of
the
end
of
march,
the
button
administration
announced
an
unprecedentedly
large
release
of
a
million
barrels
per
day
over
six
months,
so
180
million
barrel
drawdown
in
our
strategic
petroleum
reserves.
We
now
have
and
we're
about
four
to
five
months
into
that
the
lowest
spr
strategic
petroleum
reserves
since
1985.
G
1985.
Think
of
all
the
oil
market,
events
that
have
occurred
since
then-
and
I
can't
tell
you
what
will
happen
next,
whether
it'll
be
more
of
russia,
ukraine,
whether
it
could
be
something
else,
geopolitical
from
china,
taiwan,
something
with
iran,
straits
of
hormuz
nuclear
scaremongering
by
north
korea.
We
don't
know
it
could
be
something
as
simple
as
a
hurricane
that
affects
the
u.s
gulf
coast,
like
we
had
last
year,
that
removes
one
or
more
million
barrels
per
day
of
capacity
production
capacity
and
the
ability
to
export
for
a
period
of
time.
G
Any
of
these
things
has
the
ability
to
affect
american
consumers
deeply
in
an
environment
where
our
strategic
reserves
are
historically
low
and
that's
where
we
are
today
so
again,
the
concepts
are
the
fuel
prices
really
ride
historically,
and
we're
going
to
see
this
I'll
hit.
The
highlights
in
a
second
but
fuel
prices
are
going
hand
in
hand
with
crude
oil.
Crude
oil
depends
on
many
factors,
but
when
you
have
low
inventories,
geopolitics,
logistical
factors-
these
things
tend
to
have
the
ability
to
punch
above
their
weight,
so
to
speak
right
now.
G
One
of
the
things
that
we're
watching
closely
are
diesel
or
distillate
inventories,
especially
on
the
east
coast.
The
east
coast
is
the
most
affected
by
russia,
ukraine,
in
the
sense
that
normally
you
trade
products
back
and
forth
between
europe
and
the
east
coast,
the
united
states
that
hasn't
worked
so
well
since
russia's
war
in
ukraine
escalated
on
top
of
that
there
were
some
products,
heavier
kinds
of
oils
that
weren't
crude
oil,
but
they
weren't
finished
products
either,
but
intermediate
things
that
russians
would
send
and
would
be
imported
to
some
refineries
on
the
east
coast.
G
That
would
enable
them
to
make
a
lot
more
diesel
fuel
and
we'll
talk
about
the
refining
process
and
one
of
the
slides
that
comes,
but
with
the
sanctions
that
are
in
place
and
the
inability
to
do
that.
Refiners
within
the
region
have
been
able
to
produce
relatively
less
diesel
fuel
than
they
otherwise
might.
And
if
you
can't
trade
for
it
and
you
can't
produce
it,
it
results
in
to
meet
demand,
drawing
your
inventories
down.
G
So
the
inventories
are
historically
low,
especially
for
distance
on
the
east
coast
and
we're
monitoring,
but
the
overall
takeaway
from
this
is
we
have
the
ability,
as
a
nation,
to
control
our
fate.
Here
we
have
the
resources,
we
have
the
know-how,
we
have
the
capital.
We
need
the
ability
to
unlock
these
resources
to
have
infrastructure,
to
deliver
it,
refining
processes
that
are
cost
economic
and,
frankly,
api
has
our.
G
So
having
hit
the
highlights,
let's
look
first
in
a
comparison
of
u.s
and
kentucky
gasoline
prices
compared
with
crude
oil
prices,
as
paid
by
refiners
to
acquire
crude
oil.
The
left-hand
side
of
this
is
a
graphic
from
the
u.s
energy
information
administration.
It
just
breaks
out
the
price
of
the
pump
based
on
the
percentage
of
four
main
factors:
crude
oil
at
55
percent,
refining,
27
distribution
and
marketing,
8
taxes,
10-
and
this
is
based
on
june
data,
which
is
the
latest
or
on
their
website
today.
G
At
that
time,
the
retail
price
was
just
under
five
dollars.
A
gallon
and
kentucky
was
23
cents,
a
gallon
below
that
notice,
the
55
percent,
the
majority
of
this
being
crude
oil.
If
you
look
at
again
the
year
to
year
change,
though
it
accounts
for
over
85
of
the
change
since
last
year,
through
the
first
half
of
this
year,
so
that's
important
because
again
on
a
change
basis,
that's
really
how
we
explain
to
consumers
what's
been
happening
since
last
year.
A
Exactly
let
me
stop
you
just
for
a
second
absolutely
and
just
to
tell
the
the
members
we
are
going
to
get
you
a
printout
of
the
stuff
that
we've
got.
We
thought
we
had
it
in
our
packet
and
rusty's
going
to
make
sure
that
that
you
have
a
copy
of
all
the
stuff
that's
being
presented
for
you
to
be
able
to
sit
down
and
take
a
look
at
it.
So
I
apologize
it's
not
in
your
folder,
but
you
will
be
presented
with
all
this
information.
Please
go
ahead.
Dean
thank.
G
You
senator
smith,
I
appreciate
it.
The
difference
between
kentucky
and
nationwide
prices
is
the
blue
at
the
below
the
bar
below
the
access
area
that
you
see
over
time
and
you
see
consistently.
It's
been
below
the
nationwide
average,
so
this
says
kentucky's
supply
and
you
you've
got
a
mix
of
different
supply
sources.
G
Now.
Let's
compare
this
with
diesel
and
the
picture
for
diesel
fuel
is
a
little
bit
different.
It's
the
same
in
the
the
same
message
that
crude
oil
and
diesel
prices
have
historically
gone
hand
in
hand
here
on
a
monthly
basis
that
sticks.
It's
a
little
bit
lower
in
terms
of
the
percent
that
goes
into
crude
oil
or
from
crude
oil
into
the
price
of
the
pump.
So
a
little
less
than
half
a
little
bit.
There's
a
typographical
error
on
this.
G
So
you're
talking
zero
to
15
parts
per
million
of
sulfur
in
ultra
low
sulfur
diesel
15
to
500
parts
per
million.
For
heating
oil
and
the
ability
to
produce
more
of
this,
the
heavier
the
kind
of
crude
oil,
the
quality
of
crude
oil
that
goes
in
the
front
end
of
refinery,
the
relatively
more
of
heavier
products,
distillates
that
you
can
produce
in
the
cut
of
the
way
refineries
work
and
the
yield
that
you
naturally
get
out
of
it.
G
Here
the
many
factors
that
affect
crude
oil
again,
the
vast
majority
of
the
change
for
gasoline
prices.
You
know
it
right
supply
and
demand.
The
economy
comes
back.
Our
primary
data
for
the
industry
has
been
showing
for
a
year
and
a
half
literally,
and
our
reports
have
been
showing
that
demand
was
coming
back
after
the
pandemic,
along
with
the
economy,
it
surged
it.
It
really
has
been
at
or
above
2019
levels
depending
upon
the
week
or
the
month,
that
we
look
at
seasonality.
Matters
inventory
as
we've
already
discussed
matters.
G
We
now
have
historically
low
inventories
capacity,
utilization
matters,
so
refiners
have
been
for
consecutive
months
running
almost
flat
out.
You
know
the
latest
week
it's
over
93
capacity
utilization,
but
this
is
historically
very
strong,
the
strongest,
certainly
since
2019
that
we've
seen
in
terms
of
running
the
value
after
refining.
This
is
really
like
the
the
change
between
taking
crude
oil
and
upgrading
it
into
a
combination
of
different
products.
A
That's
associated,
let
me
stop
you
just
for
a
second.
I
apologize.
We've
got
a
question.
We've
got
a
question
from
senator
wheeler.
If
you
don't
mind-
and
I
also
want
to
mention
before
he
speaks
when
I
was
talking
earlier
about
some
of
these
hidden
heroes
that
were
in
the
back
working
very
hard.
A
Senator
wheeler
is
one
of
those
he
was
with
us
at
our
meeting,
he's
been
on
the
ground
he's
been
taking
a
tremendous
leadership
role
over
in
pikeville
and
the
vacuum
over
there
of
getting
things
done
on
the
ground
and
certainly
want
to
give
attention
the
fact
that
he's
worked
very
very
hard
and
has
not
been
out
in
front
of
the
camera
to
do
so.
So
I
really
appreciate
that
center
wheeler
and
I'll
yield
you
for
a
question.
H
Thank
you,
mr
chairman,
thank
you
for
your
kind
comments.
You
stated
earlier,
you
were
when
you
were
talking
about
some
of
the
solutions
that
the
federal
government,
I
guess
is
in
the
the
bi-administration
as
well
as
state
governments
can
can
do.
I
guess,
based
upon
what
you've
seen
in
the
messaging
coming
out
of
washington,
how
many
of
these
steps
do
you
actually
expect
the
buy
demonstration
to
take
to
lower
petroleum
prices
to
the
consumer.
G
It's
hard
for
me
to
predict
on
the
legislative
side.
I
think
we're
doing
our
best
to
have
a
dialogue
with
them.
They're
incentivized,
especially
in
advance
of
elections,
to
try
to
work
with
industry
to
make
sure
that
supply
solutions
are
coming
one
of
the
follow-ons.
Unfortunately,
this
inflation
reduction
act.
G
This
is
one
area
where
there's
been
a
pledge
to
try
to
come
together
and
see
if,
if
that
can
move
forward,
I
can't
read
the
tea
leaves
on
exactly
politically
what
will
happen
there.
But
the
hope
is
that
people
realize
that
that
was
something
that
got
left
out
of
this
and
there
were
some
follow-on
commitments
that
were
supposed
to
happen
to
do
that:
access
to
resources
by
law-
and
there
was
a
pause
last
year
by
the
administration
on
new
leases
on
federal
lands
that
that
pause.
G
They
must
by
law,
resume
leasing,
but
it's
become
more
expensive
to
do.
Some
of
the
leasing-
and
we
don't
yet
have
a
renewal
of
a
five-year
plan
on
these
things
so
that
I
think
will
get
sorted,
but
it's
it
has
yet
to
be
worked
out.
There's
some
ref
refinery
processes
that
should
be
protected
and
alkylation
process
we'll
continue
to
see
that
move
forward.
I
think
that's
likely
some
of
the
things
on
repealing
steel
tariffs.
G
So
that's
one
where
again,
it
seems
likely
to
to
get
some
traction,
because
it's
just
a
no-brainer
that
you
should
be
able
to
normalize
those
trade
relationships,
trade
cooperation
across
north
america,
normalizing
more
with
canada,
also
with
mexico
again
in
our
interest
to
continue
those
discussions
so
hard
to
read.
The
tea
leaves
on
exactly
where
the
administration
will
come
out,
but
so
many
of
these
things
are
common
sense.
It
really
would
make
sense
to
elevate
them.
Does
that
help.
H
H
Yeah,
I
guess,
to
what
extent
has
the
cancellation
of
the
keystone
xl
pipeline
and
and
the
different
viewpoint
of
the
administration
towards
fossils?
How
has
that
affected
production
in
the
united
states
since
january
of
2021.
G
These
factors,
plus
the
fact
that
you
know
reportedly,
as
recently
as
the
fourth
quarter
last
year,
secretary
granholm,
was
shopping.
The
idea
of
banning
energy
exports
from
the
u.s.
It
is
really
hard
if
you
can't
build
in
for
interstate
infrastructure
refiners
along
the
gulf
coast
that
have
needed
more
of
this
heavier
oil
from
canada.
They
can't
get
it
from
venezuela
and
they
can't
get
enough
from
canada.
So
this
means
the
processes
that
they
have
in
place
for
refining,
to
take
medium
and
heavier
grades
of
crude
oil
that
are
necessary
for
a
lot
of
product
markets.
G
They
haven't
had
enough
of
it
since
2018
to
be
able
to
run
those
units
optimally
if
we
had
keystone
xl
that
that
would
have
helped
alleviate
this
problem
greatly
and
really
enabled
some
optimization.
Just
like
we
saw
with
the
lifting
of
the
ban
on
crude
oil
exports
back
in
late
end
of
2015
early
2016,
the
exports
ramped
up
this
enabled
refiners
to
operate,
to
match
their
units
with
the
quality
of
crude
oil
they
needed.
G
They
became
a
lot
more
efficient
and
now,
when
you
contemplate
re-banning
those
exports
that
that's
been,
it
would
do
nothing
but
raise
costs
for
americans
and
result
in
less
less
efficient
refining.
So
these
policies,
it's
keystone,
xl,
but
it's
a
lot
of
other
things.
It's
it's
the
pause
again
on
the
leasing.
G
We've
got
service
companies.
You
know
scrambling
going
to
retail
malls
people
who
never
worked
in
the
oil
patch
to
come
be
recruited
to
work
in,
and
that
means,
if
you've
got
inexperienced
people
being
brought
in
and
being
trained.
You
have
to
slow
down
maintain
operations,
integrity,
be
safe,
having
the
ability
to
deal
with
these
workforce
and
supply
chain
issues
at
the
same
time
with
policies
signaling
that
they
don't
want
natural
gas
or
oil
in
the
future.
To
nearly
the
same
extent,
they've
been
willing
to
go
to.
A
Cut
you
off
there
and
I
apologize.
We've
got
three
four
other
guests.
We
want
to
give
them
some
time
too.
So,
just
put
you
guys
on
hold
again,
I
apologize,
but
if
brian
clark
and
scott
kaiser
I
apologize.
If
I
get
this
wrong
tom,
colosa
and
leah
taylor,
if
you
guys
want
to
come
on
up
to,
you,
don't
have
to
leave
if
there's
room
at
the
table,
but
but
while
you're
coming
up
the
table.
A
One
of
the
the
questions
that
I
had
as
I
followed
the
testimony
that
flying
j
had
had
presented
in
front
of
congress,
and
that
was
one
of
the
things
that's
sitting
there
having
been
in
the
gas
business
and
knowing
what
allocation
is.
It
was
concerning
to
me
to
have
them
to
say
you
know
that
they
were
getting
pressure
to
short
diesel
exhaust
fluid
that
they
were
getting
pressured
to
short
the
the
off-road
and
on-road
diesel.
A
They
had
a
major
company
telling
congress
that
that
that
they
were
intentionally
it
looked
like
to
me
being
shorted
and
pushed
to
to
short
the
market
which
is
creating
higher
gas
prices.
But
you
know
from
from
the
years
of
where
I
used
to
be,
you
know
with
the
kpma
in
the
industry,
we
went
through
allocation
during
the
obama
administration,
where
your
gas
station
could
only
get
the
same
amount
of
gallons.
A
You
got
the
month
before,
and
this
went
on
on
and
on
and
on
and
what
happened
was
you'd
see
a
lot
of
these
bags
on
the
pumps
and
it
wasn't
that
the
pump
is
torn
up.
There
was
no
fuel
in
the
pumps,
and
so
I
wanted
you
to
address
as
we
have
the
petroleum
guys
come
to
the
table.
Some
of
the
issues
that
we're
seeing
from
when
government
starts
to
decide
on
how
to
regulate
your
operations
and
allocation
takes
place.
A
If
you
want
to
you
know,
we
don't
have
that
much
time
left
and
I
want
to
make
sure
to
let
brian
and
scott
and
them
say
something
see.
We
have
a
question
from
representative
plessy.
I
Well,
in
the
angst
of
time,
I
don't
want
to
take
too
much
time,
but
I
did
have
two
things
that
I
wanted
to
be
sure
to
get
mr
foreman
to
speak
to
for
one
in
kentucky.
We
have
a
fairly
large
soy
based
biodiesel,
refiner,
and
my
understanding
is
that
soy.
I
Biodiesel
is
added
at
about
one
percent
to
the
standard.
Diesel
formula
is,
and
maybe
that's
not
the
right
number,
but
could
could
the
api
work
to
be
allowed
to
allow
higher
levels
of
soy
diesel
so
that
we
can
offset
the
lack
of
heavy
crude
and
then.
My
second
question
is:
if
you
look
at
kentucky,
we
have
a
an
issue
with
in
louisville,
where
we
have
reformulated
gasoline
that
really
pushes
up
the
price
there
and
I'll
give
you
an
example
that
just
happened
this
week,
henderson
kentucky
was
at
281.
I
I
G
The
more
consistent
it
is
with
other
states,
the
easier
it
is
to
bring
it
in,
and
yet
these
are
state
regulatory
issues
in
terms
of
the
environmental
cost
versus
the
environmental
benefit
and
the
economic
costs
and
benefit
in
making
those
choices.
It's
hard
for
me
from
an
api
perspective
to
weigh
in
on
you
know,
specifically
on
louisville
and
what
you've
seen
in
terms
of
that
variance.
That
does
seem
like
a
lot
but
again,
keep
in
mind
that
the
fuel
retailers
tend
to
you
know.
G
97
of
them
are
independently
owned
and
operated
and
set
their
own
prices.
They.
When
I
talk
to
retailers
they
set
their
prices
generally
with
you
know
a
keen
understanding
of
what
the
replacement
cost
is
for
the
next
cargo
and
then
the
extent
of
local
competition.
The
station
where
you
took
the
picture
you
know
if
it
has
a
big
box
retailer
next
to
it,
that
sells
a
lot
of
things.
It
tends
to
be
very
competitive.
It
might
use
gasoline
or
diesel
as
a
loss
leader,
to
bring
people
in
the
door
as
opposed
to
another
station.
G
That
might
not
have
the
same,
but
many
of
them
will
tell
you
that
from
a
convenience
store,
standpoint
or
retailing
standpoint
that
it's
in
their
interest
to
try
to
attract
foot
traffic
and
customers,
and
they
don't
make
that
much
off
the
motor
fuel
sales
themselves.
So
net
net,
it's
hard
to
explain
the
exact
variance
and
local
conditions
can
vary,
but
they
are
incentivized
to
you
know,
make
these
competitive
decisions
and
setting
their
own
prices.
There
remind.
A
Me
your
other
questions,
if
I
could,
because
I
do
know
that
leah
is
actually
with
camera
like
michelle,
and
you
can
probably
speak
to
this
personally
and
I
want
to
make
sure
you
get
some
time
but
leah
do
you
want
to
maybe
address
some
of
the
issues
that
the
representative
asked
and
certainly
take
some
time
to
talk
about
it
from
your
very
unique
perspective
being
in
this
market.
J
Sure
sure
can
you
hear
me
is
it
on
okay?
Can
you
hear
me
thank
you,
so
I'm
not
in
the
louisville
market.
So
I
can't
speak
to
reformulated
gasoline,
although
I
do
know
that
it
is
much
higher,
it
does
drive
the
cost
up,
but,
as
mr
foreman
was
pointing
out,
he's
very
accurate
in
in
the
fact
that
this
is
a
very
competition
driven
industry.
So
whenever
you've
got
a
big
box,
that's
right
next
to
you
and
I'm
a
small
retailer,
it's
hard
to
compete
with
that.
J
A
Taylor,
could
I
also
add
that
did
you
that,
as
a
smaller
operator,
you
may
have
the
volume,
and
so
what
you're
dealing
with
is
a
pulled
margin.
So
one
of
your
tankers
could
have
a
variance
of
20
50..
I
mean
there's
really
no
limit
to
have
a
dollar
difference
and
what
you
have
in
the
ground,
so
you
buy
one
load
and
you've
got
you
get
it
for
three
dollars.
A
The
next
load
comes
in
could
be
four
dollars
and
fifty
cents,
and
you
still
have
some
of
that
in
the
ground,
so
you're
constantly
adding
and
subtracting
to
these
costs.
So
if
you're
moving
at
a
slower
speed
and
your
store
does
a
hundred
thousand
two
hundred
thousand
and
one
of
the
places
across
the
street's
doing
six
hundred
thousand
they're
going
to
have
the
chance
to
have
some
of
the
cheaper
prices
from
the
sheer
volume.
A
So
it's
unlike
few
other
industries
in
the
world
that
still
rolls
on
the
nine
tenths
of
a
cent
on
a
pull
margin.
It's
a
very
complicated
format,
but
it's
based
upon
the
fact
that
you're
slowing
your
sales
are
maybe
slower
or
greater.
It
depends
on
how
the
game
is,
and
those
costs
for
every
single
truck
are
going
to
be
different.
Coming
in
is
just
kind
of
thumbnail
to
it.
J
That's
exactly
correct
and
speaking
to
that
you
know,
especially
during
mitigating
circumstances
such
as
weather
events
and
geopolitical
events.
Rack
price
can
change
from
20
to
60
cents
in
just
a
few
days,
and
I
may
not
be
able
to
turn
over
my
product
quick
enough
and
I've
got
it
at
the
high
cost
and
then
suddenly
it's
coming
down,
but
I'm
not
I'm
not
turning
my
product
over
every
day,
so
the
smaller
retailer
is
caught
in
between
there,
and
so
they
have
to
make
that
decision.
J
Am
I
going
to
be
I'm
going
to
try
to
stay
reasonably
competitive
in
order
not
to
lose
my
customer
base,
or
do
I
just
you
know,
have
to
go
up
in
order
to
cover
my
costs,
because
we
all
have
different
different
costs.
You
know
some
of
us
have
more
mortgage
than
others,
and
labor
costs
have
escalated,
they've
gone
out
the
roof.
You
know
well.
A
G
A
A
gallon
I
just
took
200
away
from.
You
takes
a
lot
of
fuel
to
make
it
back
to
that
200
point,
but
so
it
just
is
very
complicated
with
it
and
it
varies
upon,
like
I
said,
volume
flow,
other
costs
are
associated
with
who's
processing,
your
cards
at
the
pump
and
you're
using
the
credit
card,
and
your
overall
what's
called
shrink
or
drive-offs.
J
And
those
are
costs
that
we
have
no
control
over
to
your
point
on
the
credit
card
fees
whenever,
whenever
gas
was
at
five
dollars
a
gallon,
our
our
credit
card
fees
could
be
anywhere
from
10
to
15
cents
and
we're
just
operating
on
pennies,
not
dollars
so
that
that
completely
cuts
our
profit
completely
out.
So
credit
card
fees
are
a
huge
factor
for
us
in
in
combating
costs.
A
And
while
we
have
you
all
at
the
table
there,
I
know
that
tom
was
at
was
going
to
have
some
comments.
Tom,
let's
yield
over
to
you
for
a
second.
L
K
Okay,
let
me
let
me
share
my
screen.
I
I've
been
around
the
oil
business
for
about
oh
47
years,
and
can
you
see
the
that
little
headline
slide
there?
Real
quick,
can't
see
it
hold
on.
K
Well
hold
on
one
sec:
let's
try
this
again
how
about
now
I
might
be
unstopped
sharing,
but
thank
god,
I'm
not
an
engineer.
I'd
be
disgraced
right
now,
yeah.
K
K
K
Along
and
I
can
speak
extemporaneously
to
some
of
the
points
here.
First
of
all,
I
work
for
opus.
I
was
a
founder
of
opus
oil
price
information
service
and
we
are
fiercely
independent.
In
other
words,
we
have
customers
that
range
from
oil
producers,
but
mostly
from
refiners
down
to
end
users,
consumers,
fleets
and
so
forth.
So
I
have
a
little
bit
different
perspective
than
a
lot
of
folks,
many
many
of
the
things
that
dr
dean
mentioned.
K
I
absolutely
agree
with,
but
I
am
going
to
differentiate
a
little
bit
between
some
of
the
things
that
you
know
might
be
more
political
than
actual.
But
first
of
all
let
me
say
this
that
my
former
colleague
dan
jurgen,
who
has
won
one
more
pulitzer
prize
than
me
one.
He
mentioned
that
this
is
an
energy
crisis
and
it's
not
just
an
oil
crisis.
It's
all
across
all
sorts
of
different
energy.
K
Give
you
an
example
about
three
weeks
ago,
london
avoided
a
blackout
because
the
belgians
were
fortunate
enough
to
be
able
to
basically
give
them
some
power
and
it
equated
to
a
price
and
I'm
not
making
this
up
of
about
17
000
per
barrel.
So
if
you
ever
need
electricity,
don't
call
belgium
or
brussels
anytime
soon.
What
we're
seeing
right
now
in
europe
is
absolutely
frightening.
K
We're
seeing
natural
gas
prices
that
are
the
equivalent
of
between
four
hundred
dollars
a
barrel
and
425
dollars
a
barrel,
that's
well
before
a
winner,
and
it's
all
about
vladimir
putin
and
him
weaning
people
off
of
the
russian
gas
molecules.
Now
I
will
say
this
much.
K
Russia
talked
to
goodgame
about
eliminating
some
of
the
other
crude
oil
and
diesel
exports
to
the
rest
of
the
world,
and
particularly
in
europe,
but
largely
since
the
invasion
of
ukraine
in
february
they're
exporting
a
little
bit
more
crude
than
they
were
let's
say
last
year,
so
it's
the
threat
of
vladimir
putin,
but
not
necessarily
the
reality
of
it
so
far.
K
But
if
you
think
for
a
moment
that
energy
just
means
oil
look
at
what's
happening
with
nuclear
plants
being
threatened
to
shut
down
or
being
idled
as
as
their
time
has
come
to
an
end,
look
at
electricity.
You
know
those
rates
in
europe,
hopefully
they're
not
coming
here
and
look
at
natural
gas.
I
mean
if
we
get
natural
gas
prices,
even
one-third
of
one-half
of
the
prices
in
europe.
We
might
all
want
to
have
a
natural
gas
oven
to
stick
our
heads
into.
K
So
that's
one
of
the
problems
at
the
moment,
and
I
absolutely
agree
with
dean
that
you
know
that
has
an
impact.
We
are
our
global
market
right
now
and
it's
a
global
market
that
for
a
portion
of
2022,
was
epically
profitable
for
oil
producers
and
oil
refiners,
most
of
which,
but
at
some
point
you
know
some
of
those
epic
profits
can
come
back,
and
what
I
would
stress
is
that
it's
not
some
sort
of
collusion
or
setting
of
the
prices.
K
K
I
I
think
one
of
the
questions
had
to
do
with
reformulated
gasoline
and
I
looked
at
it
this
morning
and
I
will
tell
you
that
this
year
has
seen
epic
prices
for
reformulated
gasoline
in
those
little
niches
of
the
great
lakes
supply
markets
that
use
it.
You
know
for
many
years
you
would
see
a
difference
of
about
five
or
eight
cents,
a
gallon
in
the
summer
or
maybe
even
the
fall.
The
difference
now
is
30
or
40
cents,
a
gallon.
Maybe
that
doesn't
justify
retail
in
louisville
selling.
K
For
you
know,
four
dollars
when
the
rest
of
the
state
is
is
closer
to
three,
but
it's
one
of
the
things
that
really
impacts
prices
in
the
summer
and
by
the
way
it
goes
away
to
a
certain
extent
as
we
get
into
colder
weather.
You
know
gasoline,
we
think
of
it
as
elemental
and
we
absolutely
have
an
elemental
response
to
it,
but
it's
actually
about
eight
or
nine
different
components.
K
One
of
those
components
is
butane.
You
know
like
you're,
getting
a
butane
lighter
or
you
know,
maybe
a
butane,
stove
or
something
it
has
very,
very
high
octane
and
great
characteristics
for
gasoline,
but
it
raises
the
vapor
pressure
and
it
makes
for
more
evaporation
in
the
summer
once
we
get
to
september
15th
and
probably
much
earlier
than
that.
Actually
you
can
basically
use
those
components
and
generate
more
gasoline
and
pump
out
more
gasoline.
K
I've
been
doing
this
since
1980,
you
know,
don't
let
my
doogie
house
or
young
looks
or
delicate
features
sort
of
mislead.
You
I've
never
seen
a
year
like
2022.,
absolutely
insane.
I'd
have
to
go
back
to
college.
When
I
was
asked
to
siphon
gasoline
to
find
anything
similar
to
it.
You
never
get
the
taste
out
of
your
mouth
by
the
way,
but
I
think
that
probably
part
of
dean's
message
is
beware.
K
We've
seen
all
time
new
highs
for
everything
across
the
barrel,
diesel
fuel,
gasoline
jet
fuel
asphalt,
you
name
it
all
time
new
highs
because
we
did
go
to
120
or
so
for
crude
oil
in
march
prices
have
moved
down
to
where
they're
sort
of
floating
around
ninety
dollars
a
barrel
for
crude
and
largely
the
reason
is
probably
that
crude
oil
that
was
released
from
u.s
reserves
helping
to
temper
some
of
the
enthusiasm
in
world
markets.
K
But
you
know
the
day
of
calling
is
coming
up
in
october
when
the
sales
are
supposed
to
be
suspended,
and
you
know
it
was
a
gambit
by
the
administration
to
put
the
soil
on
the
market
along
with
some
other
producers.
But
it
was
mostly
a
u.s
effort
and
you
know
one
wonders
with
a
gamut,
whether
they're
playing
chess
or
they're
looking
at
nfl
football
plays
if
it's
going
to
work
and
the
jury
is
still
out
on
that.
K
So
I
I
would
say
that
one
of
the
problems
we
see
we
do
see
that
this
global
refining
shortage,
again
not
caused
by
barack
obama
or
joe
biden,
but
just
part
of
a
shortage
based
on
the
notion
of
a
lot
of
refineries-
will
not
be
able
to
comply
with
the
upcoming
regulations
and
so
forth.
But
a
lot
of
the
refineries
were
operating
at
close
to
95
percent
of
capacity
east
of
the
rocky.
A
Tom,
if
I
could,
if
I
could,
stop
you
just
for
a
second,
you
were
certain
that
and
just
make
sure
I
got
this
right,
that
it
doesn't
really
the
byte
administration
or
the
obama
administration
doesn't
really
affect
it.
But
then
you
say
that
one
of
the
problems
is
whether
or
not
these
refineries
or
these
operators
can
comply
with
the
new
regulations.
K
A
K
It's
not
brand
new
regulations,
so
what
what
I
would
suggest
is
that
it
has
to
do
with
the
whole
decarbonization
effort
that
goes
on,
and
I
would
I
wouldn't
condemn
them,
but
I
would
criticize
the
biden
administration
for
having
a
dialogue
with
oil
and
gas
companies
that
was
more
like
khrushchev
in
the
white
house
in
the
60s,
where
he
said
we
will
bury
you.
You
know.
A
I'm
very
punitive,
the
best
I
can
tell
with
with
some
of
the
timelines
they've
set
up
with
the
current
some
of
the
acts
from
congress
and
the
penalties
that
are
coming
in
now
to
some
of
these
companies
that
we've
never
seen
before
and
that's
to
me
that's
policy,
that
is,
that
is
regulation
and
those
are
dictated
usually
by
you
know
different
administrations.
That
was
that
just
that
confused
me,
because
we've
seen
you
know
gas
down
below
two
dollars
a
gallon
here,
not
in
the
I.
K
Understand
but
it's
absolutely
disingenuous
to
blame
president
biden
for
it
or
to
blame
president
trump.
I
mean
one
could
say
that
president
trump
was
responsible,
because
when
opec
was
falling
apart
in
april
2020
with
negative
crude
numbers,
he
intervened
to
put
together
this
opec
plus
cartel
with
russia.
So
it's
very,
very
indedicious
to
blame
the
presidency,
whether
it's
this
presidency
or
the
three
presidencies
before
them
and
on
the
keystone.
K
I
have
to
tell
you
that
you
know
it's
a
very
effective
messaging
tool
in
politics
to
say
you
know
to
have
joe
biden,
and
I
did
that
he
didn't
that's
nonsense
and
keystone
was
not
going
to
be
operational
until
2024
2024-25.
K
So
I
would
suggest
that
when
you
start
to
intercede
politics
with
the
actual
message
of
what's
on
the
ground,
you
confuse
people-
and
you
know
I'm
going
to
finish
with
this,
because
I
think
this
is
an
important
term.
Everybody
in
2022,
from
producers
to
refiners
into
companies
like
opus,
that
publish
a
lot
of
information
and
data
form
we've
profited
from
that.
We
actually
have
the
folks
that
haven't,
and
I
think
this
is
what
we
really
need
to
address
are
the
marketers.
K
You
know
the
marketers
in
kentucky.
I
looked
this
morning
in
the
gross
margin,
which
is
very,
very
misleading.
It's
what
it
costs
to
bring
fuel
into
the
station,
and
then
you
know,
sell
it
on
the
street.
The
gross
margin
might
be
30
cents
or
something
like
that,
not
much
different
from
what
we've
seen
in
the
last
few
years.
K
But
as
one
of
your
panelists
indicated,
credit
card
fees
swallow
something
like
10
or
15
cents
of
that,
and
you
know
the
last
time
we
saw
prices
that
high
was
in
2008
when
the
federal
minimum
wage
law
of
650
was
largely
in
effect.
Now
you've
got
a
lot
of
places
where
you've
got
to
pay
15
or
20
dollars
for
these
workers.
So
it's
a
basket
of
inflation
and
the
marketers
have
probably
been
the
biggest
losers,
particularly
the
small
marketers.
K
You
know,
big
box
store,
wants
you
to
get
fuel
up
with
gasoline
there,
so
they
can
sell
that
50
gallon
tub
of
mayonnaise
and
the
diaper
box,
or
the
shed
that
stores
them.
But
the
small
marketers
are
really
kind
of
victimized
by
the
screening
of
america.
So
I'll
summarize
that
and
say
it's
all
about
crude.
I
absolutely
agree
with
dr
dean
that
diesel
prices
could
go
completely
apocalyptic
later
this
year,
but
I
think
that
you
know
this
is
the
cost
of
being
part
of
a
world
market.
K
The
united
states
is
actually
a
privileged
continent
right
now,
in
that
our
natural
gas
prices
are
about
1,
7
or
1
8
of
what
they
are
in
europe
and
our
electricity
costs
are
a
lot
lower,
and
that
means
that
when
you
have
to
sell
things
at
global
prices
on
the
refining
side
right
now,
the
refinery
profits
are
off
the
charts
from
where
they
were
years
ago.
But
it's
not
collusion.
K
It's
absolutely
the
market,
demonstrating
that
there
are
more
buyers
and
sellers
and
what
I'm
worried
about
in
you
know
anticipating
the
question
on
this
is
that
when
we
saw
prices
go
to
120
for
crude
into
five
dollars
from
retail,
it
wasn't
just
the
fundamentals.
Although
the
fundamentals
were
very
very
frightening,
it
was
the
investment
and
the
speculation
on
wall
street.
K
A
E
M
I'm
I'm
very
concerned,
you
know
we're
talking
about
the
heavy
crude.
You
know
when
you're
not
making
making
diesel
fuel
with
it.
M
You
know
it
seems,
like
you
know,
you
have
other
things:
propane
fuel
oil,
all
those
types
of
things
that
yes,
gasoline
prices
may
be
down
a
little
bit,
but
you
know
natural
gas
and
all
of
those
types
of
things
are
way
up
and
I'm
really
concerned
about
people
having
the
ability
to
pay
their
home
heating
bills
this
this
winter-
and
I
think
I
saw
this
morning
where
they
were
saying
one
in
four
brits-
will
not
be
able
to
pay
their
heating
costs
this.
M
You
know
this
winter
and
you
know
that's
that
sort
of
thing
is
coming
this
way,
particularly
in
my
opinion.
I
think
we
know
where
the
real
problem
is.
We
know
who
the
the
real
cost
who's
responsible
for
this
real
cost,
and
we
don't
have
to.
We
don't
have
to
name
names
in
this
committee.
It's
it's
obvious
to
to
everyone,
but
you
know
it's
because
we
have
failed
energy
policies
in
this
country.
So
but
I'm
I'm
really
concerned.
M
You
know
we
have
a
lot
of
folks
out
there
that
want
to
make
us
like
europe,
and
you
know
we're
seeing
that
you
know
all
across
europe.
People
are
not
gonna
be
able
to
pay
their
heating
bills.
This
you
know
this
this
winter.
I
saw
today
where
india,
for
instance,
was
saying
that
at
one
point
they
were
talking
about
reducing
coal-fired
generation
by
25
gigawatts
about
between
now
and
2030.
M
Now,
they're
talking
more
like
five
gigawatts,
so
they
are
definitely
not
closing
those
coal
plants.
You
know
and
and
they're
even
saying
now
that
there's
no
way
they
can
be
carbon
neutral
before
something
like
2070,
and
you
know
we
have
a
lot
of
other
countries
that
I
can
tell
you
as
people
in
in
england
and
france
and
germany
can't
pay
their
utility
bills
they're
going
to
be
some
major
shifts
in
the
types
of
energy
that
they're
using
for
electricity
and
and
heating
their
homes.
M
It's
going
to
mandate
that
and
why
this
country
is
willing
to
say
that.
Well,
it's
okay,
we're
gonna!
You
know
we're
gonna
be
carbon
neutral
when
the
rest
award
is
not,
it
really
just
doesn't
make
sense,
and
I
think
we
have
to
stand
up
to
that.
We
have
to
fight
back
to
that.
We
have
to
show
how
idiotic
these
policies
are.
So,
mr
chairman,
that's
my
rant
for
today.
All
right.
A
Very
good
and
we're
gonna,
I'm
gonna,
yield
this
time.
Scott
kisser,
I'm
going
to
kind
of
have
you
kind
of
wrap
us
up?
If
you
don't
mind-
and
I
think
we
do
have
just
a
few
more
questions
but
we'll
turn
it
over
to
you
before
we.
I
know
members
have
other
pressing
issues
to
get
to,
and
but
I
do
want
to
make
sure
they
get
a
chance
to
hear
your
comments.
L
L
L
So
I
do
want
to
mention
something
that
we
heard
back
in
a
june
committee
testimony
about
the
definition
of
the
wholesale
gasoline
margin
that
was
somewhat
misleading
as
it
pertains
to
wholesale
marketers,
while
the
energy
information
administration
considers
our
marketer
members
part
of
the
wholesale
piece
of
the
gasoline
supply
chain,
as
we
saw
earlier
in
the
other
slides,
we
make
up
only
eight
percent
of
that
wholesale
margin.
L
The
wholesale
price
is
primarily
driven
by
those
ups
and
downs
of
the
oil
market.
Roughly
55
of
it
is
directly
related
to
the
global
crude
cost,
as
we
saw.
The
other
components
are
refining
costs
at
27,
federal
state
taxes
at
10.
and,
finally,
the
category
that
our
members
fall
into,
which
is
somewhat
at
the
end
of
the
the
entire
supply
chain,
distribution
and
marketing.
L
At
eight
percent-
and
you
know
we-
we
learned
earlier
about
the
the
crude
oil
prices-
can
change
up
or
down
throughout
each
day,
impacted
by
a
host
of
of
factors
that
were
discussed,
including
the
geopolitics.
The
global
market
fundamentals,
inventories,
seasonality,
supply
chain,
disruptions
that
can
happen,
such
as
hurricanes,
some
have
slight
impacts,
while
some
have
major
impacts
to
our
business
and
major
impacts
to
energy
pricing.
L
You
know
as
fuel
marketers
and
retailers.
Our
prices
are
determined
by
the
fuel
producers
that
make
these
products,
and
these
prices
are
sent
to
us
each
evening
based
on
the
market
dynamics
and
provides
us
to
the
to
us
via
the
web
or
through
email,
and
this
published
price
is
what
lee
alluded
to
earlier
effectively
called.
You
know
the
rack
price
and
that's
the
price
of
the
product.
I
pay
before
any
taxes
that
I
for
the
product
that
I
pick
up
at
the
terminals.
L
These
rack
price
adjustments
can
range
from
a
few
pennies
on
average
to
as
much
as
15
25
cents
or
even
as
much
as
35
cents,
as
we
saw
this
past
spring
during
the
onstart
of
the
russian
ukraine
war,
and
it's
highly
in
the
these.
These
prices
are
posted
throughout
the
day.
Some
come
in
at
six,
some
come
in
at
noon.
L
They
got
to
consider
things
such
as
their
credit
line
and
cash
flow.
Will
those
support
what
this
increased
product
cost
is
going
to
come
in
at
to
avoid
financial
constraints
on
their
own
business.
These
retailers
must
adjust
price
in
advance
of
these
deliveries,
especially
during
the
volatile
swings
that
we
saw
earlier
this
year.
L
A
You
one
quick
question:
how
many
gas
stations,
because
I
I
know
that
that
I've
got
little
towns
in
my
district
like
vico.
They
don't
have
a
gas
station
anymore.
How
many
gas
stations
has
kentucky
closed
down
just
say
in
the
last
decade
because
of
regulation.
F
F
I
can't
tell
you
an
exact
number
today,
but
in
updates
that
we
get
whether
it
be
from
national
associations,
as
they
aggregate
that
information
for
states
or
just
folks
that
we
come
in
contact
with.
It
is
very
difficult
for
the
small
mom
and
pop
retailer
to
stay
in
business.
Both.
A
A
That's
a
lot
of
places
that
have
closed
down
a
lot
of
small
communities
that
they
have
to
drive,
either
to
maybe
a
walmart
or
a
neighboring
town,
or
to
be
able
to
find
fuel
or
product
or
kerosene,
even
kerosene,
where
we
do
light
heat,
because
these
are
usually
the
fuel
stations
are
where
we
are
able
to
get
the
credits
into
rural
impoverished
areas
for
them
to
be
able
to
get
the
the
kerosene
and
stuff
to
to
heat
their
homes
on
these
credits.
A
So
it
causes
a
tremendous
undue
burden
on
some
places
because
of
the
overreach
because
of
the
burden
of
the
policies,
but
whatever
any.
But
whatever's
wants
to
be
said
about
that.
I
speak
from
experience.
It
closes
these
stores
down
and
doing
so.
It
pushes
us
into
a
smaller
market
and
all
the
dynamics
are
changing
and
a
lot
of
that
is
simply
regulatory
and
policy
that
we're
facing.
L
Mr
chairman,
now
and
and
for
the
rest
of
the
members
of
the
committee,
I'd
like
to
just
speak
about
the
competitiveness,
the
competitive
nature
of
our
industry
overall,
the
retail
fuel
price
at
the
pump,
and
I'm
talking
specifically
at
the
pump
that
you
go
to
to
get
your
fuel
needs-
is
the
most
transparent
and
competitive
product
offering
in
the
united
states,
as
demonstrated
today.
What
most
people
do
not
realize
and
may
not
understand,
are
the
costs
and
factors
of
creating
the
product
and
getting
it
to
us.
L
L
These
large
price
signs
represent
the
value
proposition
we
offer
to
our
customers,
and
these
marketers
work
very
hard
to
attract
and
keep
these
customers
in
daily.
As
wholesale
prices
come
down,
fuel
gets
in
in
the
ground
and
the
current
inventory
is
depleted
and
replaced.
A
J
Thank
you
very
much,
mr
chairman.
Thank
you
for
the
opportunity
to
speak
today.
Again,
I'm
leah
taylor,
I've
been
in
this
business
for
over
30
years,
and
I
can
tell
you
it's
drastically
different
today
than
it
was
when
I
first
started,
I'm
here
to
discuss
some
of
the
struggles
that
retailers
face
in
our
day-to-day
operations
and
how
gasoline
is
priced.
J
Retailers
have
little
to
no
control
over
the
factors
that
go
into
the
cost
of
gasoline.
It's
not
just
the
posted
rack
price
that
day
that
determines
the
cost
as
discussed
earlier.
Rack
prices
are
highly
volatile
and
they
change
on
a
daily
basis
and,
as
I
mentioned
earlier,
the
mitigating
circumstances,
such
as
world
events
and
weather
patterns,
that
can
that
can
change
pricing
in
a
day,
sometimes
twice
a
day
anywhere
from
20
to
60
cents
over
a
two
three
day
period.
J
So
it's
extremely
difficult
to
adjust
the
pump
price
as
quickly
as
the
rack
price
is
changing.
When
gasoline
costs
increase,
as
scott
mentioned,
our
credit
card
fees
go
up.
I
went
over
with
you
an
example
of
the
five
dollars
at
five
dollars.
Those
costs
it's
very
difficult
for
us
to
operate
with
such
high
credit
card
fees
whenever
we're
only
operating
our
business
on
pennies
pennies.
J
J
So
when
fuel
taxes
increase
on
a
state
or
federal
level,
they
have
to
be
passed
on
to
the
customer,
but
for
the
most
part
they
are
not
aware
that
the
taxes
have
increased
and
they
just
think
that
it's
additional
profit
to
us
when
it's
not
labor
costs
have
affected
our
pricing
extremely
due
to
labor
shortages
and
competition
for
employees.
We
have
radically
increased
our
labor
costs
in
addition
to
the
wage
increase,
we've
increased
our
overtime
budget
since
we're
working
with
fewer
employees.
J
So
retailers
get
villainized
in
the
public
because
of
the
perception
that
we
are
unfairly
marking
up
the
gas
price
for
our
own
profit.
When
we
are
not,
I
believe
we
are
as
scott
talked
about.
I
believe
we
are
the
only
industry
that
is
fully
transparent
at
the
pump
to
our
customers
and
our
competitors
as
to
what
we're
charging
for
the
product,
which
holds
us
all
accountable
and
fair
in
our
pricing,
we're
all
looking
for
the
same
customer.
The
person
with
a
vehicle
that
wants
to
fuel
up.
J
A
We
we
appreciate
you
all
coming
and
it's
been
something
that
many
of
us
have
have
heard
about
over
the
summer,
about
the
cost
being
so
outrageous
for
families
that
they
just
can't
afford
to
be
able
to
pay
their
bills
and
and
fill
their
tanks
up
anytime.
We
get
that
much
concern
from
our
district.
A
C
Just
a
quick
comment:
I'd
just
like
to
say
that
I
empathize
with
you
leah
that
I
too
was
an
independent
operator.
I
bought
an
old
somerset
gas
station
in
winchester
many
years
ago
and
operated
there
and
what
we
tried
to
do
being
surrounded
with
speedway
and
marathon
was
that
we
went
to
full
service
and
you
actually
shoot
yourself
in
the
foot
because
you're
going
out
and
people
aren't
coming
in
your
store.
So
you
try
to
look
for
creative
ways
to
get
the
gas
out
of
the
ground
and
we
were
very
successful
with
that.
C
But
the
margin
was
so
thin.
We
didn't
make
any
money
inside
the
store,
so
I
can
sit
here
and
say
that
I
see
the
very
same
challenges
that
you
see.
Fortunately,
I
sold
out
and
moved
on,
but
it
was
a
headache.
It
was
a
constant
grind
and
so
I
empathize
with
all
these
small
town
operators
across
kentucky.
So
thank
you
for
your
presentation.
Thank.
H
Yes,
I
want
to
thank
you
for
your
testimony
in
another
lifetime.
I
did
have
several
convenience
stores
and
a
truck
stop
so,
and
it's
amazing
that
when
the
prices
are
the
highest
is
when
you
make
the
less
amount
of
profit-
and
I
understand
that-
and
I
just
want
to
urge
that
knowledge
to
my
colleagues,
because
it's
it's
not
you
base
your
profit
on
pennies,
not
on
percentages,
it's
just
not
feasible.
H
You
know
to
do
it
any
other
way
and
when
those
costs
go
up
the
charges,
you
are
paying
our
own
percentages
and
you're
still
working
with
the
penny.
So
I
just
want
to
tell
you.
I
appreciate
the
the
battle
you're
facing
and
publicly
state
that
you
know
a
lot
of
times.
You
get
a
lot
of
false
blame
put
on
your
shoulders
and
I
appreciate
what
you
did.
Thank
you.
A
Thank
you.
Thank
you
all
right
for
our
committee
members.
We
certainly
appreciate
you
all.
We
we
don't
want
to
lose
our
mama
pop
gas
stations.
We
don't
want
to
make
it
more
difficult
for
people
at
home.
Thank
you
all
for
your
valuable
information.
Obviously
there's
a
lot
more
if
any
of
our
members
want
to
speak
to
to
any
of
this
group
on
your
own,
I'm
sure
they'll
accommodate
you
and
answer
further
questions
with
that
said,
to
have
a
motion
to
adjourn.
E
A
E
Sorry,
I'm
talk
this
regulation
from
fish
and
wildlife.
I
had
just
noticed
something,
and
I
just
wanted
to
bring
it
to
your
attention
since
it's
on
the
agenda.