Cap and Trade bill to cut our dependence on foreign oil
You got it the wrong way around if you believe that steaming load.
From
Bloomberg:
Big Oil�s Answer to Carbon Law May Be Fuel Imports
America�s biggest oil companies will probably cope with U.S. carbon legislation by closing fuel plants, cutting capital spending and increasing imports.
Under the Waxman-Markey climate bill that may be voted on today by the U.S. House, refiners would have to buy allowances for carbon dioxide spewed from their plants and from vehicles when motorists burn their fuel. Imports would need permits only for the latter, which ConocoPhillips Chief Executive Officer Jim Mulva said would create a competitive imbalance.
�It will lead to the opportunity for foreign sources to bring in transportation fuels at a lower cost, which will have an adverse impact to our industry, potential shutdown of refineries and investment and, ultimately, employment,� Mulva said in a June 16 interview in Detroit. Houston-based ConocoPhillips has the second-largest U.S. refining capacity.
The same amount of gasoline that would have $1 in carbon costs imposed if it were domestic would have 10 cents less added if it were imported, according to energy consulting firm Wood Mackenzie in Houston. Contrary to President Barack Obama�s goal of reducing dependence on overseas energy suppliers, the bill would incent U.S. refiners to import more fuel, said Clayton Mahaffey, an analyst at RedChip Cos. in Maitland, Florida.
We have two refineries here which are big drivers of the economy. A lot of people live in towns like ours and drive 40 miles to the refinery to work. A local community college has an excellent welding program and graduates get excellent job offers from the refinery. If the refinery closes, there will be a lot of ancillary jobs that will be lost.
The politicians do not know what they are doing -- they are so out of touch with reality it makes my eyes bleed...
Posted by DaveH at June 30, 2009 8:06 AM