Cap-And-Trade Is Refinery Killer

IBD Editorials ^ | August 25, 2009 | INVESTORS BSINESS DAILY Staff

[Kaslin]

Energy Policy: A new study shows that Waxman-Markey will increase prices at the pump, deepen our dependence on foreign oil and shred our ability to turn crude into gasoline. Even fuel-efficient cars will still need fuel.

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Oil may bubble up out of the ground, but gasoline does not. It's made in those ugly little NIMBY places called refineries we are loath to build anymore because we're too busy trying to save the Earth rather than our economy and American jobs.

When Hurricane Katrina shut down 20% of our refining capacity in a single day and raised gas prices in a single week by 45 cents a gallon, it showed how stretched to capacity our refineries were and are. Throw in the requirement for boutique fuels that vary by season and location, and our vulnerability to disruption is immense.

The number of refineries and total capacity to produce gasoline in the U.S. peaked in 1981, with 324 refineries able to process 18.6 million barrels of crude oil a day. Today, with U.S. demand for oil more than 20% higher, refinery capacity is roughly 17% lower.

Refineries operate near full capacity in the summer, leaving the nation's fuel supply chain vulnerable to disruption. That was the case a year ago, when Hurricanes Gustav and Ike shut down most Gulf Coast refineries, and gas stations throughout the Southeast ran out of fuel.

[Kaslin]

[Recon Dad]

Energy Policy: A new study shows that Waxman-Markey will increase prices at the pump, deepen our dependence on foreign oil and shred our ability to turn crude into gasoline

And what is the Obama Admin. response.....lend Brazil $2 billion to drill for oil in the Atlantic and the Gulf.

[steelyourfaith]

 

Beam me to Planet Gore !

[chuck_the_tv_out]

Same old Leftist attempt to cripple strategic US energy independence

[Dilbert San Diego]

And when questioned about energy policy, Nancy Pelosi doesn’t address the real issues. Nancy said she has a planet to save. So, in their minds, higher gas prices or fuel shortages are okay, because we have to save the planet. In their minds, “saving” a planet trumps every other consideration.

And I wonder if they are right about saving a planet. Earth has been here for 4 billion plus years. I have a feeling that earth will still be here, even if we fail to pass a cap and tax bill.

[CPT Clay]

Just what wew need.

[CPT Clay]

They want scarcity to control.

[2harddrive]

VERY TRUE.

[dalebert]

LOL! WHERE ARE OUR NEW REFINERIES AND OFF SHORE DRILLING????

[headstamp 2]

This will do nothing but force the energy business out of the country. We’ll be dependant on importing more and more refined products like gasoline to take our place in the same league as third world countries like Iran, etc.

Complete madness.

[guitarplayer1953]

Do these politicians actually pay for their gas out of their pockets like the common joe and jill do? Or are we the public paying for all their needs.

[Salvation]

I don’t think the Senate is going to pass this. I hope we hear more opposition from the people on it.

[NaughtiusMaximus]

Drill here, drill now! Build pipelines and refineries. Put Americans back to work and achieve energy independence.

[thackney]

BTTT

[Ben Ficklin]

Supposedly this has been shot down.

Section 722(b)(2)

"as well as importers of such fuel refined abroad"