The American Petroleum Institute has added to the chorus of studies looking at the impact of the American Clean Energy Security Act of 2009 (Waxman-Markey). According to the study, performed by EnSys Energy, a consulting firm, U.S. refining production could drop as much as 17 percent from today’s levels if Waxman-Markey is enacted as currently drafted.
Moreover, the drop of oil refining would need to be made up by importing more oil from foreign countries. According to the study, the U.S. could end up relying on 19.4 percent of its refined oil from foreign countries — nearly twice the amount it imports today.
The study further claims that the legislation would decrease investment in oil by $90 billion — or roughly an 88 percent decline.