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Cap and Trade Will Damage Economy

John on May 25, 2009 at 10:22 pm

From CNS News:

According to an analysis of climate legislation performed by the Environmental Protection Agency (EPA), the cap-and-trade system favored by President Barack Obama and many congressional Democrats could potentially damage the U.S. manufacturing sector and force jobs to move overseas.

The policy, under certain scenarios, for example, “can cause domestic production to shift abroad,” reads the EPA analysis, and result in greater greenhouse gas emissions in countries that do not have similar cap-and-trade rules.

Further, the EPA’s Apr. 20 preliminary analysis of the bill, sponsored by Reps. Henry Waxman (D-Calif.) and Edward Markey (D-Mass.), shows that the plan would reduce U.S. manufacturing capacity 0.3 percent by 2020 and by nearly 1.5 percent by 2050.

[...]

The bill, according to the analysis, also would force a 22 percent increase in electricity prices by 2030, pushing the price of gasoline above $4 per gallon by 2030 and to approximately $5.50 per gallon by 2050. Without the climate bill, the EPA projects gas prices to rise to $4.50 by 2050 and expects electricity prices to increase by only four cents between now and then.

Contrary to the claims of many Democrats and President Obama, the EPA found that the U.S. economy will not be a clean energy economy under cap-and-trade and will still primarily rely on fossil fuels for both current and new electricity production.

No wonder Obama wants to increase fuel efficiency. It’s the only way we’ll survive once he starts raising the price of gas.

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Category: Energy & Economy |

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