PASSA Meeting

Tuesday, January 24^th

11:30 am – 1:00 pm (lunch provided-free)

San Antonio Petroleum Club

Sign-in Begins at 11:00 am

Guests are welcome:  lunch fee is $25

Speaker:  Jeff Nichols, Vice President at Stancil & Company – 12:10 – 1:00 pm
Topic:  Getting to the Bottom of Higher Gasoline Prices

CPE offered:  1 hour
Program Level:  Basic
Prerequisites:  None
Advanced Preparation:  None
Delivery Method:  Group Live
Field of Study:  Specialized Study

NASBA Sponsor Council of Petroleum Accountants Societies, Inc. (COPAS) PO Box 21272, Wichita, KS 67208

Course Description

This course will describe the various factors that impact the retail price of gasoline and address why prices are so different across the US at a given time.  The course will provide information on the impact refining centers, logistic systems, crude oil prices and State/Federal taxes play in the cost structure behind the retail price.  At the end of this discussion a cost buildup using these factors for three cities in the US will be presented and discussed to show how each factor impacts the underlying basis driving the retail prices.

Learning Objectives

By the end of the presentation, the attendees will be better equipped to:

1. Understand the general refining centers that produce US gasoline.
2. Understand the logistics systems and costs that move gasoline to the various markets.
3. Understand some of the impact of gasoline formulations that impact fungibility of supply.
4. Understand the general cost impact of crude prices, different State taxes, Federal renewable fuels credits, and individual State greenhouse gas program costs.

Speaker Bio – Jeff is Vice President at Stancil & Co., a consulting firm specializing in oil refining and downstream petroleum assets, including pipelines and product terminals.  He has 43 years of experience beginning his career with 9 years at Exxon, followed by 4 years as Operations Manager for independent refiner El Paso Refining Company, and then 30 years of consulting involving facilities in the US, Canada, Europe, and South America.

Jeff currently directs the clean fuels/renewable fuels consulting practice at Stancil & Co.  He assists clients in developing and implementing clean fuels programs, production and blending of renewable fuels, and compliance with EPA and State regulations.  He has been an expert consultant for clients in negotiations with the EPA and with state environmental agencies.  Jeff is also involved in refinery asset sales and routinely provides due diligence support for asset transactions in the US downstream sector.

Jeff is a Chemical Engineering graduate of New Mexico State University, Jeff lives in Southlake, Texas with his wife, Paula.