Refinery Association Chairman Says EPA Rules Will
Freeze Investment
PHOENIX (Reuters) - The U.S. refining industry will freeze investment in anything beyond maintaining operations if the Environmental Protection Agency moves to regulate carbon pollution, the chief executive of Valero Energy Corp (VLO.N) said.
Bill Klesse, also chairman of the National Petrochemical and Refiners Association, said late Sunday at the industry trade group’s annual meeting in Phoenix, Arizona, that such regulation would increase costs for an industry already struggling with low margins and sluggish demand amid a slow economic recovery.
“Expansions will disappear. Improvements will disappear. We will replace everything exactly the way it is so you don’t have to change your CO2 footprint,” Klesse said when asked what the industry would do should the EPA move ahead on regulating carbon emissions.
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