Over the last century, the brewing and beverage industries have been leaders in economic development and innovation. Both industries employ hundreds of thousands of hard-working people, contribute billions to our economy, and rely heavily on aluminum as a sustainable and efficient container to deliver our refreshing beverages.
Unfortunately, due to recently imposed tariffs and a complicated pricing system known as the Midwest Premium, the price to purchase aluminum has skyrocketed adding nearly half a billion dollars in additional manufacturing costs to local bottlers and brewers.
In an effort to shine a light on this issue, the beverage industry has joined a multi-industry coalition to support the Aluminum Pricing Examination (APEX) Act. This commonsense legislation would provide the Commodity Futures Trading Commission and Department of Justice the necessary authority to provide oversight over price benchmarking entities, including those that publish the Midwest Premium.
Brewers and beverage makers are committed to providing good-paying jobs and are constantly innovating to meet consumer demands when it comes to making our refreshing beverages; however, these additional manufacturing costs are jeopardizing this innovation. The APEX Act would help provide a little sunlight into how market participants assess and determine pricing so that America's manufacturers do business better and ultimately benefit U.S. workers and consumers.
To learn more about this issue and the APEX Act, please read the recent Washington Examiner op-ed penned by beverage industry leaders Katherine Lugar and Jim McGreevy.