A rebuttal to API's refinery/climate change study

Victor Flatt, our new guest blogger, has posted an item in response to the American Petroleum Institute’s study that says the pending climate change law will ruin the U.S. refining industry.
In a nutshell: the law requires importers of fuels to have emissions credits for the products they ship into the U.S., meaning they wouldn’t have a leg up on U.S. refiners.