Study: Waxman-Markey bill costly to US refiners

11/23/2009
Economic consequences to the US refining industry of the American Clean Energy and Security Act (ACES), H.R. 2454, also known as the Waxman-Markey (W-M) energy and climate bill, are profound, according to an evaluation by Energy Policy Research Foundation Inc. The legislation calls for controlling emissions of greenhouse gasses (GHGs) by placing a price on them. The bill passed the House of Representatives on June 26, 2009, and companion legislation is under discussion in the US Senate.Under the W-M bill, manufacturers (refiners) and importers of transportation and other fuels derived from crude oil would be required to purchase allowances to account for the carbon dioxide emitted into th...
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