Petroleum Refineries NAICS 324110

Sep 27, 2025 - EPA Proposes Ending GHGRP

• The Environmental Protection Agency in September released a sweeping proposal to eliminate the Greenhouse Gas Reporting Program (GHGRP), the nation’s repository of annual carbon emissions data from more than 8,000 industrial facilities, the AP reports. The program requires refineries, power plants, oil wells and landfills to report their emissions. EPA Administrator Lee Zeldin, citing President Trump’s anti-climate executive actions, described the GHGRP as unnecessary bureaucracy and estimated that ending the program could save businesses up to $2.4 billion in compliance costs over the next decade. Critics say slashing reporting requirements risks a big increase in emissions. The EPA said that other data-gathering efforts, such as the Manufacturing Energy Consumption Survey that tracks fuel use in that sector, will continue. The agency will publish the emissions proposal in the Federal Register and open a 47-day public comment period before finalizing the rule.
• The US Energy Information Administration is forecasting the inflation-adjusted average regular gasoline price this summer to be the lowest since 2020. The summer 2025 average price of about $3.10 per gallon is based on the average of the 2Q25 and 3Q25 US regular gasoline price, when increased travel during the warmer months of the year puts upward pressure on gas prices. Looking ahead to 2026, EIA is forecasting a US average summer retail price of regular gas near $3.20 per gallon. Compared with recent years, lower forecasted US gasoline prices in 2025 and 2026 are mainly a result of lower crude oil prices. The agency expects crude oil prices to continue to fall in 2026, creating a downward effect on gasoline prices and refinery margins.

• President Trump’s threat to impose a 25% tariff on crude oil from Canada would be particularly painful for US refiners as approximately 55% of all US crude imports flow from Canada, OilPrice.com reports. US refiners, especially those in the Midwest, take nearly all of Canada’s crude oil exports, and all but one of its export pipelines go to the US. Refineries in Michigan, Wisconsin, Indiana, and Ohio process almost 70% of the Canadian crude imports, according to Canada’s Cenovus Energy, which owns refineries in Ohio and Wisconsin. “A 25% tariff on Canadian crude could increase gas prices at the pump by up to 30 cents or more per gallon,” Cenovus said. On his first day in office, Trump said he aims to place 25% tariffs on imports from Canada and Mexico on February 1. Tariffs on Canadian crude, if levied, could lower downstream profitability for US refineries.
• Producer prices for petroleum refineries fell 9% in August compared to a year ago, after sinking 17.4% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. Employment by the industry shrank 2.2% year over year in July as oil refineries cut back due to a weak fuel outlook. According to the Energy Information Administration, US utilization of refinery operable capacity rose to 95.5% in mid-July, the highest since June 2023.