Domestic refiners say Senate climate bill will raise gas prices
The Hill ^ | 10/28/2009 | Jim Snyder
Posted on Wednesday, October 28, 2009 2:34:22 PM by markomalley__________________________________________________________________________
Domestic oil refiners kept up their attack of climate legislation, saying a Senate bill under consideration could increase gas prices.
Domestic oil refiners kept up their attack Wednesday of climate legislation, saying a Senate bill under consideration could increase gas prices.
The group, among the fiercest critics of the measure, said the proposal could add 77 cents a gallon, or around 30 percent above today’s prices. Democrats on a key Senate panel shot back, saying the industry’s estimate is based on an inflated projection of the price of permits companies will have to hold to cover their carbon emissions. A cost containment mechanism will keep the price from approaching the industry’s estimate, supporters said.
The lawmakers said the bill will spur industry innovation and that will create millions of new “green” jobs.
The chief complaint from refiners is that they wouldn’t get enough free pollution allowances to cover emissions they are on the hook for under the legislation. The Senate bill would give refiners 2.25 percent of the allowances available to cover emissions at their plants. But the industry is also responsible for the emissions from vehicle tailpipes.
To make up the difference, refiners would have to buy emission permits on the market created under the legislation.
(Excerpt) Read more at thehill.com ...
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The lawmakers said the bill will spur industry innovation and that will create millions of new “green” jobs.Just like the stimulus bill did right?
Here is a graph of anticipated job losses from this monstrosity.
