All UK Oil Refineries May Close Due to Carbon Costs, Exxon Says

The UK oil refining industry could eventually disappear completely if the cost of carbon continues to increase, according to Exxon Mobil Corp., which operates the nation’s biggest oil-processing plant.

The company says refining should be included in an initiative known as the carbon border adjustment mechanism, which imposes a charge on imports of goods with weaker environmental standards. Two of the UK’s oil refineries have already closed this year, in part because of elevated costs and competition from plants in Africa and Asia.