Final answer:
The Air Force Petroleum Agency is tasked with managing and establishing policies for Air Force petroleum resources, ensuring the availability of high-quality fuels and services to support military operations.
Step-by-step explanation:
The entity responsible for establishing and updating Air Force policy for managing petroleum resources is the Air Force Petroleum Agency (AFPA). The AFPA's mission includes ensuring that high-quality petroleum products, effective fuel handling services, and related support are consistently available to support the global Air Force mission. As such, they oversee the management of petroleum resources and develop policies, strategies, and plans to ensure energy resilience within the Air Force.