Oil Industry Details Costs of Climate Bill - WSJ.com: "Proposed federal legislation aimed at curbing global warming would drastically reduce domestic fuel production, according to a new study commissioned by the oil industry as part of its campaign to oppose new restrictions.
The report's findings, which are expected to be released Monday, project that by 2030, U.S. refining production could drop 17% from today's levels if the climate bill is passed as currently proposed. The drop would have to be made up by foreign imports, the study says, meaning the U.S. could end up relying on other countries for 19.4% of its refined fuel -- nearly twice the amount it imports today."
No wonder Obama is investing in Brazilian oil production. We are going to have to get our oil from somewhere, and apparently, it's not gonna be from the US of A.
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