Study finds that Climate Bill will paradoxically double US refined oil imports

In Texas, a report by EnSys Energy and commissioned by the American Petroleum Institute concluded that US oil refineries will cut outputs by 17 percent if the Waxman-Markey climate bill is passed. The report concluded that refinery utilization – a key measure of profitability – would drop 20 points to 63 percent, and cause US refined oil imports to rise to 19.4 percent of all fuels. Refineries are due to receive free permits for 85 percent of their carbon emissions under the bill.

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