The U.S. refining sector expects to face new regulations during President Barack Obama's second term, Phillips 66 CEO Greg Garland and Marathon Petroleum CEO Gary Heminger said. Policies such as the Corporate Average Fuel Economy standards and the Renewable Fuel Standard have led to increased spending over the years, the executives added. "There's no question, between renewables and CAFE standards, over the next 10 to 20 years, you're looking at a 10 to 20 percent reduction in gasoline demand," Garland said.

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