Cap & Trade Could Shut Down 46% of U.S. Oil Refining Capacity and Cost 400,000 Jobs

EPRINC Study Shows Large Job Losses and Refinery Closings from Cap and Trade Legislation

EPRINC has released an economic assessment of the consequences to the domestic refining industry of the American Clean Energy and Security Act (ACES), H.R. 2454, also known as the Waxman - Markey (W-M) energy and climate bill. The purpose of Waxman – Markey is to curtail GHG emissions through a cap-and-trade program, but the legislation will instead create large incentives to move away from domestically produced fuels and replace them with imported fuels.

(PRWEB) November 4, 2009 -- The study shows that as the U.S. enters a period of low growth in gasoline consumption, the combination of new global refining centers and the rising costs imposed by the legislation will distort the competitive position of domestic refiners and could idle and bring permanent closure to as much as 8 million barrels per day (mb/d) of the nation’s 17.5 mb/d of domestic refining capacity. Direct and indirect job losses could rise to 400,000 across the 2015-2030 forecast period.


- more at www.prweb.com/releases/2009/11/prweb3151944.htm