A new study, released April 28 by Charles River Associates, exposes the negative economic consequences of the proposed cap and trade legislation being considered in Congress. The study predicts broad increases in energy costs that will result in the loss of more than 3 million jobs by 2030 and a cost of more than $2,100 per household if this legislation is passed.
The study was commissioned by the Coalition for Affordable American Energy (CAAE), a group of nearly 200 associations including ABC. It also shows that the proposed legislation will cause natural gas and electricity costs to increase by more than 50 percent and the cost of motor fuels to rise 78 cents per gallon by 2030.
“The course of action being contemplated today by the Obama Administration and key committees in Congress would impact everyone in the country who makes things; distributes, retails or services things; purchases things; in fact, every individual who throws a light switch or starts an engine,” the coalition stated in a letter sent to all members of Congress. “CAAE is very concerned that a cap and trade policy would impose new and higher costs on business users of energy – and on consumers – at a time when the economy is struggling mightily.”
Members of CAAE support goals to lower concentrations of greenhouse gases in the atmosphere and offer incentives for green technologies, but argue that to be effective, any climate change legislation must also preserve jobs, reduce barriers to climate-friendly energy sources and promote energy efficiency
To view the complete study, click
here.