Refiners Say Low-Carbon Laws Worse Than Cap-and-Trade

Bloomberg Businessweek
August 03, 2010, 6:18 PM EDT
By Simon Lomax and Mario Parker

Aug. 3 (Bloomberg) -- Plans to reduce the carbon content of U.S. transportation fuels are likely to boost oil imports from the Middle East and lead to more pollution from diesel-fueled tankers, according to a report commissioned by the National Petrochemical and Refiners Association.

A low-carbon standard is “even worse” than the “terrible” cap-and-trade legislation for carbon dioxide and other greenhouse gases that recently collapsed in the U.S. Senate, said Charles Drevna, president of the refining industry group. The association estimated that plan would have cost the industry more than $20 billion a year.

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