EPA's carbon jihad will freeze refining industry

“The U.S. refining industry will freeze investment in anything beyond maintaining operations if the Environmental Protection Agency moves to regulate carbon pollution, the chief executive of Valero Energy Corp (VLO.N) said.

Bill Klesse, also chairman of the National Petrochemical and Refiners Association, said late Sunday at the industry trade group’s annual meeting in Phoenix, Arizona, that such regulation would increase costs for an industry already struggling with low margins and sluggish demand amid a slow economic recovery.

Expansions will disappear. Improvements will disappear. We will replace everything exactly the way it is so you don’t have to change your CO2 footprint,” Klesse said when asked what the industry would do should the EPA move ahead on regulating carbon emissions.  …

[Iraj Issac Rahmim, a chemical engineer and vice president of technology for CO2 Solutions LLC in Houston, Texas] said it would be “catastrophic” to refiners if they bore the burden for such emissions without being able to pass the potentially enormous cost on to consumers.”  Valero CEO says EPA rules will freeze investment

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One Response to “EPA's carbon jihad will freeze refining industry”

  1. R. de Haan Says:

    Proliferation of the wrong papers at 95% confidence level!
    http://motls.blogspot.com/2010/03/proliferation-of-wrong-papers-at-95.html

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