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Special Report: Climate change efforts to hit US industry hard

12/21/2009
Trends noted in this report—recently falling US capacity and utilization and rising Asian and Middle Eastern capacity—come at a difficult time for US refiners, as the US Congress prepares to craft climate-change legislation for debate in 2010.A recent analysis by industry consultancy Wood Mackenzie, Edinburgh, compared the impact on the US refining industry of the US House of Representatives' HR2454 (Waxman-Markey) with the impact starting in 2013 of Phase III of the European Union's Emissions Trading Scheme (OGJ, Nov. 2, 2009, p. 30).Key conclusions of the study are the following:• The US allocation of free credits is much less generous than its European counterpart, whi...
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