National Petroleum News (NPN) has been the independent voice of the petroleum industry since 1909 as the opposition to Rockefeller’s Standard Oil. So, motor fuels marketing and retail is not just a sideline for us, it’s our core competency.
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FULLSERVICE Put Up or Shut Up T HIS WAS BASICALLY MY EDIT NOTE IN THE MOST RECENT ISSUE OF Fuel Oil News, was a piece in NPN’s MarketPulse, and it is also see- ing publication here—and with good reason. As we have covered for several months now in the pages of both NPN Magazine and Fuel Oil News, the industry-favorable provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act are under heavy attack by the finan- cial industry. This includes reforms designed to reduce excessive specula- tion in the energy markets and put limits on debit interchange fees. On the speculation front, the law is currently bogged down in the Commodity Future Trading Commission rulemaking process. Key com- ponents of that law keep getting pushed back and appropriations need- ed to fund CFTC oversight under the new law are being limited. On the debit fee front, a bill introduced by Senator Jon Tester (D- Mont.) would delay implementation of the Durbin amendment for “more study” in what is basically a “kill bill.” The goal in both cases is to stretch out the process and wear down opponents until the most aggressive and necessary provisions can be neutered, particularly with an anticipated change in political dynamics come 2012. I’m going to be frank. If you think the victory was won when President Obama signed the act into law on July 21, 2010, you are sadly mistaken. The legislation will cost investment banks billions in profits and they have hit Washington with the force of a lobbying torrent. If you think you can count on others to haul the freight you are sadly mistaken. The industry trade associations—Petroleum Marketers Association of America, National Association of Convenience Stores and New England Fuel Institute—have excellent lobbyists and a core of industry members who step up when called upon. But, they are outgunned and they desper- ately need your help. You can make a difference. Sending an e-mail, making a call or writ- ing a letter are useful, but they represent the bare minimum.You need to make direct contact with your federal legislators. You need to let them know the impact these issues have on your business and the fact that you actually care about the outcome of this law. Be assured that they know the financial industry cares. If you could make a quick trip to Washington, that would be great. Meeting your legislators while they are home in the district is easier and almost as effective. If you are a neophyte with such efforts, your associa- tions will be glad to help get you up to speed on how to do that effective- ly. Be a leader and give them a call. Everyone is busy and more than a lit- tle effort is required, but the benefits are enormous. So it’s up to you. Put up or shut up. If you like gasoline, diesel and heating oil prices that are notably higher than they likely would be under Dodd-Frank, then sit at home. If you can survive super volatility and product prices above $4 (likely a regular future reality even after the Middle East settles down) then sit at home. If you like giving the monop- olistic credit associations more money on a gallon of product than you make in profit, then sit at home. Just don’t complain about losing these hard-fought victories when that comes to pass. Keith Reid EDITOR-IN-CHIEF kreid@m2media360.com 4 APRIL 2011 NPN Magazine www.npnweb.com THE SOURCE FOR PETROLEUM AND CONVENIENCE MARKETERS EDITORIAL OFFICE 1030 W. Higgins, Suite 230 Park Ridge, IL 60068 EDITORIAL STAFF Editor-in-Chief Keith Reid kreid@m2media360.com (847) 720-5615 Associate Editor Debra Reschke dreschke@m2media360.com (847) 720-5618 CONTRIBUTING WRITERS Stephen Bennett Maura Keller Terry McKenna Mark Ward, Sr. PRODUCTION Art Director Andrew Stamm Production Manager Karen Kalinyak EXECUTIVE STAFF President/CEO Group Publisher Marion Minor LIST RENTAL/REPRINTS Cheryl Naughton Phone: (678) 292-6054 Fax: (360) 294-6054 cnaughton@m2media360.com ADVERTISING & SALES National Account Manager: Tom Buttrick 135 E. 55th Street, 5th Floor New York, NY 10022 (212) 588-9200, 1325 t.buttrick@jamesgelliott.com CLASSIFIED SALES Glenn Datz 626 Wilshire Blvd., Ste. 500 Los Angeles, CA 90017 (213) 596-7200 gdatz@m2media360.com President/CEO Marion Minor VP Finance and Operations Gerald Winkel VP Audience Development and Collateral Services Joanne Juda-Prainito Production Director Mary Jo Tomei NPN—National Petroleum News (ISSN 0149-5267) is published nine times a year by Bev-Al Communications, Inc. 1030 W. 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