These regulations, taken in combination with other pending requirements, will have serious affects on the petroleum industry, the economy, and the nation--reducing investment in capacity and new technologies, making domestic refiners less competitive in the global marketplace, increasing imports of refined products by up to 500,000 barrels per day, increasing consumer prices for products such as gasoline and heating oil, and reducing industry employment.
American Petroleum Institute, regarding the cumulative effects of regulation on the oil and gas industry. From the study (?)API CUMULATIVE IMPACT Cumulative Impact of Environmental Regulations on the U.S. Petroleum Refining, Transportation and Marketing Industries. 1997.
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