Refiner agrees to cut back emissions

ConocoPhillips has entered into an agreement with the EPA and Justice Department to cut back on its emissions:

ConocoPhillips, the largest U.S. oil refiner, will spend at least $525 million to reduce emissions at refineries in California and six other states, the Bush administration said Thursday.

The Houston-based company also agreed to pay a $4.5-million civil penalty for violations of the federal Clean Air Act and to spend an additional $10 million on clean-air programs, the U.S. Environmental Protection Agency and the Justice Department said.

The agreement will require ConocoPhillips to spend more than $525 million over eight years on pollution controls intended to reduce emissions by more than 47,000 tons a year, the government said.

The agreement covers nine ConocoPhillips refineries representing nearly 10% of total U.S. refining capacity, the government said. It is among the largest of 13 settlements the EPA has reached with U.S. refiners in the last four years

And you know how this story will play out. In a few months, politicians will start asking why gas prices are going up!