This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EPA Tier 3 Rulemaking Lacks Transparency And Justification

WASHINGTON, March 29, 2013 /PRNewswire-USNewswire/ -- The American Fuel & Petrochemical Manufacturers (AFPM) is concerned by today's decision by the Environmental Protection Agency (EPA) to proceed with Tier 3 rulemaking imposing new vehicle emissions and fuel standards. The proposal will require further reductions in sulfur levels in gasoline to an average of 10 parts per million (ppm), a seventy percent drop from today's very low levels without significant benefits.

"While we haven't had the opportunity to review the report, EPA's decision to move forward with Tier 3's gasoline sulfur reduction program is completely without merit given that the Agency has not previously offered any cost/benefit analysis to justify this onerous rulemaking," said AFPM President Charles T. Drevna. "The Agency's failure until today to provide any information on the need for this discretionary rule, despite repeated requests from American fuel manufacturers, strongly suggests the lack of a credible case."   

Since 2004, refiners have reduced sulfur levels in gasoline from an average of 300ppm in 2004 to an average of 30ppm today. The adverse economic impacts of Tier 3 rulemaking have attracted bi-partisan Congressional concern, and a group of House and Senate Democrats have sent letters to the Administration asking for a more transparent process and information on potential benefits before proceeding with final rulemaking. 

American refiners have already spent billions of dollars to achieve a 90 percent reduction in sulfur levels, but Tier 3 will require another $10 billion in new infrastructure and another $2.4 billion per year in operating costs on an industry already burdened by questionable regulations.    

"Tier 3 rulemaking that targets trace amounts of sulfur in gasoline is not worth the direct threat to our domestic fuel supply, consumer cost at the pump and American jobs," Drevna concluded.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs