CEO: Valero would pay at least $6B yearly under climate bill

09/9/2009 | Reuters

Valero would pay between $6 billion and $7 billion annually -- about what the refiner earned in 2006 -- under the House-approved climate legislation, CEO Bill Klesse said. The measure is "poorly constructed" because the distribution of carbon-emission credits is unfair, with refiners getting about 2% but electric companies securing 30%, he added. Klesse said a carbon tax should be imposed on refiners instead, as it offers a better way to accomplish goals tied to the climate bill.

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