Prices and regulation

The refining industry should try to parlay concern over the price of oil into attention to the costs of environmental regulation. In the US, those costs are soaring.Last year, while oil inventories were plummeting, the Environmental Protection Agency was opting for the strictest possible regulation in several crucial issues. Inevitably, its aggressiveness will raise prices of oil products.Toughest optionsThe agency last December chose the toughest option available to it for reducing the sulfur content of gasoline. Earlier, it abandoned its support for the gasoline additive methyl tertiary butyl ether. It still wants to tighten controls on emissions of ozone precursors and small particles....

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