Washington-The CEO of North America's largest oil refiner told the US Senate Environment and Public Works Committee October 28 that a CO2 cap-and-trade bill the panel is considering could increase his industry's costs by $67 billion a year and force many US refineries to shut down. Valero Energy CEO Bill Klesse told the panel that the domestic refining industry is already on the decline and the industry's "slim margin of profit" would not allow it to absorb the estimated costs of a cap-and-trade bill.
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