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United States: Climate bill faces a tough ride in the Senate

THE PASSAGE through the House of Representatives of a version of the climate bill has triggered the expected jockeying for position among interest groups trying to influence a revised bill. The bill is expected to be formally introduced to the Senate in September. Among those making the most noise are oil refiners, which are already suffering because of a slump in demand and could now see their costs rise to comply with the cap-and-trade element of the bill. The market in greenhouse-gas (GHG) emissions permits is intended to cover 85% of US emissions by 2016. As in other cap-and-trade schemes, such as that operating in the EU, substantial amounts of free allowances are set to be issued to

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