Proposed climate change legislation that would require refiners to purchase permits for their emissions would cost Valero at least $6 billion per year, company executive Jim Greenwood said. He questioned provisions in the bill that would set aside 2% of the permits for refiners while allocating 30% for utilities. But instead of revising the measure to give refiners a bigger share of the permits, Valero favors the inclusion of increased funding for carbon capture and storage, advanced biofuels and other technologies, Greenwood said.

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