The National Petroleum Energy Credit Association was founded in 1935 by a distinguished group of Petroleum Industry Credit Executives at the Blackstone Hotel in Fort Worth, Texas. These men left behind the legacy of a loose fellowship that grew into the present active National Petroleum Energy Credit Association (NPECA) representing approximately 350 regular members and approximately 110 companies in the Petroleum Energy Industry throughout the United States.
For the benefit of all members, it is appropriate to state the conditions under which meetings are held.
In no event shall the credit group participate in or give consideration to any activity, plan, understanding, or arrangement of any type or character which would restrict or interfere in any manner with the exercise of free and independent judgment by the members in the management and operation of their respective business. Nothing contained in the Bylaws shall authorize or empower the group to perform or engage in any acts or practices prohibited by law, and in particular, the anti-trust laws.
It should be noted that this provision applies to all discussions, both those within our formal meeting sessions and any private discussions among members outside these meeting sessions.
Our meeting discussions are for the benefit of members and are intended for the education of members. We hope that the tradition of free and open discussion will always be maintained by the members. It should, however, be remembered that certain areas must be avoided in our discussions:
- Obviously, we may not discuss prices, past, present, or future. Also we may not discuss credit terms, or any other terms or conditions of a sale.
- We must not discuss past transactions. In addition, future plans, policies, or terms which may be under consideration should not be discussed. Our discussions of credit policies, practices and business conditions must be general in nature.
- Discussions of a particular company or group should be avoided.
- No agreements or understandings of any type may be made or discussed as to specific terms and policies for specific customers, merchants, a company, or for a group of companies, or the industries as a whole.