More on the folly that is called cap and trade from Bloomberg:

America’s biggest oil companies will probably cope with U.S. carbon legislation by closing fuel plants, cutting capital spending and increasing imports. Under the Waxman-Markey climate bill that may be voted on today by the U.S. House, refiners would have to buy allowances for carbon dioxide spewed from their plants and from vehicles when motorists burn their fuel. Imports would need permits only for the latter, which ConocoPhillips Chief Executive Officer Jim Mulva said would create a competitive imbalance.

“It will lead to the opportunity for foreign sources to bring in transportation fuels at a lower cost, which will have an adverse impact to our industry, potential shutdown of refineries and investment and, ultimately, employment,” Mulva said in a June 16 interview in Detroit. Houston-based ConocoPhillips has the second-largest U.S. refining capacity.

The same amount of gasoline that would have $1 in carbon costs imposed if it were domestic would have 10 cents less added if it were imported…One in six U.S. refineries probably would close by 2020 as the cost of carbon allowances erases profits, according to the American Petroleum Institute, a Washington trade group known as API. Carbon permits would add 77 cents a gallon to the price of gasoline

So what? Who cares anymore in the ridiculous TV show that is called America? Who cares if cap and trade won’t even address any real problems, and creates incentives that are precisely the opposite of its stated goals? Don’t bother us. We’re America and we’re sleeping.

This entry was posted on Friday, June 26th, 2009 at 1:52 pm and is filed under business, Democrats, General, idiots!, Law, Republicans, Science. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.