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D A T E L I NE GRAY, GRAY & GRAY RELEASES RESULTS OF 2012 OILHEAT INDUSTRY SURVEY Gray, Gray & Gray, LLP Certified Public Accountants (Westwood, Mass.), has released the results of the firm's 2012 Oilheat Industry Survey. Responses to the survey were obtained from retail fuel oil dealers from throughout the Northeast and Mid-Atlantic regions of the U.S. "Business was down for many deal- ers this year due to a variety of factors, including weather and competition from gas utilities," said Joe Ciccarello, CPA, managing partner at Gray, Gray & Gray. "Dealers will have to change the way they do business in order to survive in a very competitive marketplace." Some of the highlights of this year's survey results include: Residential fuel oil gallons sold were down almost 10 percent from 2011, indicative of the mild winter weather A significant number of dealers reported losing customers to gas con- versions (74 percent), perhaps due in part to the pricing advantage gas currently enjoys and the aggressive marketing being done by gas utilities More dealers are being cautious about how they are handling price protection plans, including charging fees for plans and significant fees (avg. $338) for a customer to buy their way out of the program 49 percent of dealers report that their customer list was smaller this year than last year Perhaps giving in to competitive pres- sure, 9 percent of dealers plan to start servicing gas equipment and another 8 percent plan to start selling propane in addition to fuel oil Complete oilheat survey results are • • • • • available on Gray, Gray & Gray's website at: www.gggcpas.com, or by calling (781) 407-0300. REFINERS: OIL MARKET MANIPU- LATION IS NOT THE MAIN CAUSE OF HIGH FUEL PRICES Amer ican Fuel & Pet rochemical FEATURED NEWS 2012 Oilheat Industry Survey Refiners: Oil market manipulation not main cause of high fuel prices NBB urges Congress to reinstate tax incentive AHRI heating and cooling equipment data Gulf Oil's new "Pink Ribbon" Logo in MLB parks Trane wins Platinum Award for Design Excellence Visions Conference dinner Carrier® heat pump in "Hot 50 Products of 2012" Kenworth Sales Company celebrates new facility Manufacturers President Charles T. Drevna issued the following statement in response to President Obama's plan to increase oversight and crack down on alleged manipulation in oil markets: To the extent that there is any manipu- lation in the marketplace, the government should investigate and take corrective actions. Historical data shows speculators are not the primary force impacting prices at the pump. In fact, U.S. refiners count on financial mar- kets to hedge against potentially higher crude oil costs, which work to prevent consumer costs from increasing further. Announcing steps to strengthen oversight of energy markets, Obama on April 17 called on Congress "to pass a package of measures to crack down on illegal activity and hold accountable those who manipulate the mar- ket for private gain at the expense of millions of working families." Here are excerpts from a transcript of the president's remarks on the subject. He spoke in the Rose Garden of The White House. The transcript is from the website of The White House press office: First, Congress should provide immedi- ate funding to put more cops on the beat to monitor activity in energy markets. This funding would also upgrade technology so that our surveillance and enforcement officers aren't hamstrung by older and less sophisticated tools than the ones that traders are using. We should strengthen protections for American consumers, not gut them. And these markets have expanded significantly. Second, Congress should increase the civil and criminal penalties for illegal energy market manipulation and other illegal activities. So my plan would toughen key financial penalties tenfold, and impose these penalties not just per violation, but for every day a violation occurs. Third, Congress should give the agency responsible for overseeing oil markets new authority to protect against volatility and excess speculation by making sure that trad- ers can post appropriate margins, which simply means that they actually have the money to make good on their trades. AFPM, the Ame r i c an Fue l & Petrochemical Manufacturers (formerly known as NPRA, the National Petrochemical & Refiners Association) is a trade association representing manufacturers of gasoline, die- sel, jet fuel, other fuels and home heating oil, as well as petrochemicals. NBB URGES CONGRESS TO REIN- STATE TAX INCENTIVE The National Biodiesel Board has called on Congress to reinstate the biodiesel tax incentive to avoid further disruption to an emerging American industry that is creating jobs across the country while diversifying U.S. energy supplies. In written testimony submitted to the House Ways and Means Committee's Subcommittee on Select Revenue Measures for a hearing on expiring tax provisions, NBB Vice President Anne Steckel empha- sized that the biodiesel industry achieved record production of nearly 1.1 billion gal- lons last year before the $1-per-gallon tax incentive expired on Dec. 31. She urged lawmakers to pass an extension as quickly as possible to prevent a drop in production and potential layoffs. "This is a bipartisan tax provision that is a proven job-creator and has strong support in Congress," Steckel said. "With petroleum prices where they are now, we shouldn't need any reminders about how www.fueloilnews.com | FUEL OIL NEWS | JUNE 2012 3