Refiners blast proposed climate bill

WASHINGTON (Reuters) – U.S. refiners on Friday blasted landmark climate change legislation that is currently making its way through Congress as an “abject policy failure,” saying it could lead to an increase in imports of refined products such as gasoline and diesel.

The National Petrochemical and Refiners Association said in a statement the roughly 1,000 page bill sponsored by Representatives Henry Waxman and Edward Markey that is aimed at lowering greenhouse gas emissions would make U.S. refiners less competitive internationally.

Approved by a key House committee Thursday, the climate change legislation would require industries, including refiners, to acquire an ever-decreasing number of carbon pollution permits. Companies that still lack the technology to meet lower pollution mandates could buy more permits from companies that no longer need their full quotas.

“American refiners, who already face stiff foreign competition in the fuels markets, would be severely disadvantaged with higher compliance costs under the Waxman-Markey scheme,” NPRA President Charles Drevna said.

Reuters