EIA’s Analysis of Lieberman-Warner Reveals Massive Economic Pain
WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Environment & Public Works Committee, issued the following statement on today's Energy Information Administration (EIA) analysis of the America's Climate Security Act – S. 2191 (Lieberman-Warner) global warming cap-and-trade bill.
“Multiple government and private analyses now clearly show that the bill is wrong for America,” Senator Inhofe said. “The EIA analysis projected unacceptable increases in Americans average annual household energy bills up to $325 in 2020 and $723 by 2030. And this does not factor in transportation-related costs. The EIA also found that the Lieberman-Warner bill would lead to higher coal, natural gas and petroleum prices.
“Further, EIA’s gloomy economic analysis is contingent upon the U.S. building more than 2 1/2 times as many new nuclear plants as are currently operating -- an increase so massive and unrealistic as to be fictional. EIA also found Lieberman-Warner would result in up to a 9.5% drop in manufacturing output by 2030.
“Despite this gloomy EIA analysis, proponents of Lieberman-Warner are still claiming the bill will not impose economic harm to America. Only in Washington could higher energy prices be characterized as not negatively impacting the U.S. economy. If Democrats have their way, Americans will pay significantly more at the pump, in their homes, and in many cases, with their jobs, all to accomplish an undetectable impact on the climate.
“The question now is which U.S. Senator will dare to stand on the Senate Floor a month from now to vote in favor of significantly increasing the price of gas at the pump?”
Background: Both government and private sector analysis have shown the cost of the Lieberman-Warner bill to be extremely painful. See: Inhofe Statement on EPA’s Analysis of Lieberman-Warner; 1.8 MILLION JOBS MAY BE LOST BY 2020, NEW STUDY SAYS; New CBO Study Further Exposes Cap-and-Trade Flaws; NEW ANALYSIS: CARBON MANDATE WOULD HARM CONSUMERS, JOBS AND ECONOMY; CBO Warns that Cap-And-Trade Approach Could Create ‘Windfall' Profits & Harm Poor; EPA Analysis Projects Climate Bill Will Raise Gas Prices 53 Cents Per Gallon;
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