Oil Refinery Regulatory Tsunami -- API

Link here.

Proposed US Environmental Protection Agency regulations directed at refiners could put several US refiners out of business and place others at a significant disadvantage to overseas petroleum product manufacturers, American Petroleum Institute officials warned.

“At the same time, data suggest that the environmental benefits would be modest,” API Regulatory and Scientific Affairs Director Howard Feldman told reporters during a Feb. 10 teleconference.

API spent much of 2011 opposing an out-of-cycle proposal that would have imposed more stringent ozone standards, and EPA subsequently withdrew, he said.

Currently, API is concerned with proposed Tier 3 gasoline rules, greenhouse gas emission rules, and new sources performance standards for refiners, the third phase of EPA’s tailoring rule, and the boiler maximum achievable controllable technology rule, Feldman said.

Bottom iine: increased costs; "modest" returns on investment; costs passed on to consumer.