How extensive will be the U.S. refining sector's shakeout spawned by the Clean Air Act? Kidder Peabody estimates U.S. refiners will have to invest $1,500-3,000/b/d of capacity to make reformulated gasoline and ultralow sulfur diesel as mandated by CAA. Because many refineries are too small to manage this investment, as much as 1-2 million b/d of capacity will shut down by 1994, the analyst warns. Kerr-McGee is another such U.S. refiner facing the tough decision of which plants to shut down

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