Climate bill could slash U.S. fuel output: study

U.S. oil refiners could cut output by as much as 25 percent and the nation's reliance on imported refined products could double in the next two decades if the House version of a climate bill becomes law, the American Petroleum Institute said on Monday.

Under the so-called cap-and-trade bill narrowly passed by the House of Representatives in June, refining output could plunge by as much as 4.4 million barrels per day by 2030 to 12 million bpd, the API said, quoting a study it commissioned by EnSys Energy.

Imports could account for up to 19.4 percent of consumption by 2030 under the climate law, the study said, up from a projected 9.6 percent if the law were not in place.

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- Posted: 2009-08-24 10:27:59

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