10/27/2009

The climate bill under deliberation in Congress proposes a cap-and-trade system for greenhouse-gas emissions that could require oil refiners to pay $100 billion annually, according to Alan Gelder of Wood Mackenzie. Gelder believes the system is unfair to refiners, saying, "The free allocation -- or cap -- for the U.S. refining sector equates to less than 5 percent of total carbon emissions from the production and consumption of transportation fuels in the U.S."

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