Refinery Opposes Cap and Trade
Nicolas Loris /
From the International Business Times:
Valero Energy Corp. chief executive officer Bill Klesse hopes the Waxman-Markey bill, which includes a proposal to enact a cap-and-trade system in the country, is eventually defeated when it gets into the U.S. Senate, he said Tuesday.
The executive, who leads the largest independent oil refinery in the country, said the bill would impose a “hidden tax” in the form of a cap-and-trade system. Klesse said the bill is a “huge negative” for consumers and the country, as refiners would be charged for the carbon dioxide emissions they generate and consequently pass the costs to consumers.
“Every single fuel that is produced will go up on price (under cap-and-trade),” Klesse said today during a conference call with investors. “We (Valero) are going to be very active on participation on how much this means to the consumer, to this industry and to the American Economy.”