19 March 2007 17:27 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS news)--The National Petrochemical & Refiners Association (NPRA) convened on Monday to discuss topics including the elimination of tax incentives, renewable fuel mandates and upcoming chemical security regulations.
“NPRA believes that the political, regulatory and economical challenges have never been greater for the US refining and petrochemical industries,” said association chairman Jim Mahoney.
Among the challenges, NPRA said it faces a bill passed by the House of Representatives in January to repeal oil and natural gas industry tax incentives. NPRA said the proposed law would be a setback to economic and national security.
NPRA also said both chambers of Congress were considering legislation mandating vast increases in renewable fuel content.
On the regulatory front, NPRA added that proposals to further tighten National Ambient Air Quality Standards for ozone were being given serious consideration.
“Individually, any one of these actions will have major impacts on our businesses.” Mahoney said. “Taken collectively, they represent perhaps the greatest challenges we may ever face.”
The NPRA annual meeting concludes on Tuesday.
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