As per Pat Buchanan (see last post), Obama's new energy bill is a bad shot in the foot of America. One of its results will be the closing of local fuel plants, cutting capital spending and increasing imports of processed fuel. “It will lead to the opportunity for foreign sources to bring in transportation fuels at a lower cost” Mulva from Conoco said.
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. Contrary to President Obama’s goal of reducing dependence on overseas energy suppliers, the bill would incent U.S. refiners to import more fuel. “They’ll be searching the globe for refined products that don’t carry the same level of carbon costs”.BAZAN is Israel Refiners from Haifa (pic), lately quite lifeless, may now start growing again as international demand for refined products picks up. Thanks Obama, Sorry America, you are doing this to yourself. I hold some BAZAN shares.