November 8, 2013 Visit us online at www.wpma.com WP-11-08-13
PMAA PAC FUNDRAISER AT OMNI LA COSTA RESORT
PMAA Small Business Committee (SBC) Co-Chairs, Gerry Ramm and Michael Fields, invite you to attend an event in beautiful Southern California benefitting PMAA's SBC PAC.
The event will be held at the Omni La Costa Resort and Spa ($209 per room) from November 20-21. The hotel rate is good three days before and after the event if you want to come early or stay longer. Cost is $500 per golfing registrant and $200 for non-golfing guests. This is a tremendous opportunity for you to support the industry and develop and strengthen your business relationships.
The event will start Wednesday evening, November 20 with a cocktail reeption from 6-7 pm and dinner immediately to follow on the resort. On Thursday, former two-time PGA Championship winner, Dave Stockton, will give golf lessons to attendees from 8-11 am followed by 18 holes of golf on La Costa's Champions Golf Course.
PMAA would like to thank Orion Food Systems, especially Tom Kaspar, for facilitating this special event for PMAA.
To participate, go to http://pmaa.org/pmaa_today/attachments/PMAALaCosta.pdf to fill out the registration form. To become a sponsor of the event go to http://pmaa.org/pmaa_today/attachments/LaCostaSponsors.pdf . If you have any questions, please reach out to Michael Fields at firstname.lastname@example.org or Rob Underwood at email@example.com . We would greatly appreciate an investment in PMAA.
MAKE YOUR MIRAGE ROOM RESERVATIONS NOW FOR THE 2014 WPMA CONVENTION
Plan ahead and make your reservations at the Mirage hotel now. Call before November 15, 2013 and ask for the WPMA rate of $165. Rates will go up after November 15, 2013. If you need to cancel your reservations, you can do so 48 hours prior to your arrival date and receive a full refund. Call The Mirage at 1-800-627-6667.
PLEASE SUPPORT THE SCHOLARSHIP FOUNDATION SILENT AUCTION!
In May 2014, the WPMA Scholarship Foundation will award $32,000 in scholarships to graduating high school seniors. The Foundation receives a large portion of its working capital through income from the annual Scholarship Silent Auction held at the WPMA convention in February. Please support the Scholarship Foundation by donating an item to the 2014 Scholarship Silent Auction.
Past Silent Auction donations have included tickets to sporting events, vacation packages, decorator items, electronics, sports equipment, logo clothing, jewelry, tools, accessories, etc. If you would like to donate an item, please fill out the Silent Auction Donation Form available under the Scholarship tab on the WPMA website: http://www.wpma.com/pdf/scholarship/SA14-DonationFrm0624w.pdf, or e-mail Kathy Michaelis at firstname.lastname@example.org. The value of items donated to the auction is tax-deductible.
CONGRESS MAY LOOSEN RESTRICTIONS ON OIL EXPORTS
With U.S. oil production at its highest level in more than two decades and oil imports dropping, Congress is considering loosening restrictions on U.S. oil trade policy. Senate Energy and Natural Resources Committee Ranking Member Lisa Murkowski (R-AK) believes that it will happen soon indicating that there may be a shift in U.S. oil trade policy for the first time since the 1970s when the U.S. imposed trade restrictions on oil exports, but not for refined petroleum products. The 1975 Energy Policy and Conservation Act, enacted in the wake of the Arab oil embargo, imposed trade restrictions on oil exports, and since then, Congress hasn't had the appetite to change it given America's reliance on foreign oil. However, given production growth in the Bakken and Eagle Ford oil shale developments, the U.S. is now producing 7.5 million barrels of oil per day yet there are not enough refineries to accommodate the growth in production.
Although many lawmakers are eager to change U.S. oil trade policy, others believe that the oil should stay here in the U.S. to reduce prices. API has indicated that it supports loosening restrictions on oil exports. PMAA's Motor Fuels Committee will review the issue to determine whether it is in the best interests for petroleum marketing companies and their consumers to loosen the oil export restrictions.
CFTC APPROVES NEW POSITION LIMITS PROPOSED RULE
On Tuesday, the Commodity Futures Trading Commission (CFTC) approved, by a vote of 3-1, a new position limits proposed rule which would cap the number of futures contracts a speculator can hold in the NYMEX Light Sweet Crude Oil (CL), NYMEX RBOB Gasoline (RB) and the NYMEX NY Harbor ULSD (HO) contracts. The new proposed rule was released in light of the CFTC dropping its appeal on its initial position limits rule which was vacated by the U.S. District Court of DC. Congress gave the CFTC the authority to set position limits to prevent investment banks, hedge funds and other financial entities from having too much concentration in the oil markets.
Currently, the oil futures markets are made up of more than 80 percent for purely speculative interests rather than for hedging fuel costs. The new proposed rule would limit traders to 25 percent of deliverable supply in the month when a futures contract matures. The spot-month limits apply separately to physically settled and cash-settled contracts. Traders will be permitted to hold cash settled contracts equal to five times deliverable supply as long as they stay out of the physical-delivery spot-month contract for the same commodity. For future months, the caps limit traders to 10 percent of the first 25,000 contracts of open interest and 2.5 percent of amounts beyond that.
During the CFTC position limits meeting, Commissioner Bart Chilton announced that he plans to leave the Commission in the near future. PMAA commends Chilton's work who has been an advocate for an across the board position limits rule to reduce speculators' control on the oil markets.
PMAA and NEFI plan to file comments on the new proposed rule.
SENATORS QUESTION CLIMATE CONTRADICTIONS
This week Senators Inhofe (R-OK), Sessions (R-AL) and Barrasso (R-WY) joined Senator Vitter (R-LA), the ranking member of the Environment and Public Works Committee, in a letter to EPA Administrator Gina McCarthy seeking justification of the difference between Administration comments about the rate of climate change versus actual recorded temperatures.
According to the Senators, President Obama's comments that the rate of global temperature increases have increased over the past ten years is not consistent with the recorded data on temperatures. The actual numbers are also inconsistent with the predictions by the UN Intergovernmental Panel on Climate Change (IPCC) in its Fifth Assessment Report.
This letter follows similar questions that the four Republican Senators had of the State Department in late September. In particular, "The failure of the IPCC climate models is obviously a great embarrassment for a significant number of researchers and politicians who have been demanding costly international and U.S. actions. And it isn't simply the climate models that have been inaccurate, multiple other claims have failed over the years as is laid out in our recent report." said Ranking Member Vitter. "When governments can weigh in and request alterations to a scientific analysis, the message is clear that the IPCC produces a political document, not a scientific one. Such actions exacerbate the already declining reputation of the IPCC."
2014 WPMA CONVENTION & CONVENIENCE STORE EXPO LAS VEGAS, NEVADA
Start planning now to attend the 2014 WPMA Convention and Convenience Store Expo. It will be held at the Mirage in Las Vegas, Nevada. Mark your calendars for February 18-20, 2014.
MARK YOUR CALENDARS FOR UPCOMING EVENTS IN 2013 AND 2014
December 10, 2013 - WOMA Holiday Party at the Race Track, Emerald Downs, Auburn, Washington
May 8-9, 2014 - NPM&CSA Big Dogs event - Red Rock Hotel & Casino Las Vegas, Nevada
June 3-5, 2014 - MPMCSA Convention - Hilton Garden Inn - Missoula, Montana
June 16-19, 2014 - WOMA Convention - Suncadia Lodge - Cle Elum, Washington
August 6-8, 2014 - IPM&CSA Convention - Coeur d'Alene Resort - Coeur d'Alene, Idaho
August 19-20, 2014 - NMPMA Convention - Marriott Pyramid North - Albuquerque, New Mexico
Petro Pete: "The things that come to those that wait may be the things left by those who got there first.
© 2013 Western Petroleum Marketers Association - All rights reserved. No part of this work may be reproduced or copied in any form or by any means - graphic, electronic, or mechanical, including photocopying, recording, or otherwise. The information herein is also intended for the sole purpose of members of the Western Petroleum Marketers Association (WPMA). Any other use is strictly prohibited without the express written consent of the WPMA.
If you do not wish to receive information via fax or e-mail, please contact WPMA at: (801) 263-9762, Fax: (801) 262-9413, or e-mail: email@example.com . Thanks.
WPMA MEMBER SERVICES