Greenhouse-gas regulations by the Environmental Protection Agency would have a chilling effect on the U.S. refining industry, said Bill Klesse, the CEO of Valero and chairman of the National Petrochemical and Refiners Association. Speaking at the trade group's annual meeting in Phoenix, Klesse said that federal regulations would raise costs for the industry, which is already experiencing low margins and weak demand. "Expansions will disappear. Improvements will disappear," he said.

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