Posted: 06/02/2008
Greenhouse Gas Bill Could Raise Gas Prices to $8/Gallon
NCPA Expert Says Poor Could be Hit Hard by Disastrous Bill
WASHINGTON (June 2, 2008) - Legislation requiring a reduction in carbon dioxide and other greenhouses gases is set for debate in the U.S. Senate today. The economic cost of such a proposal is expected to be at the center of the discussion. Some say the legislation would raise gas prices to $8 a gallon and home electricity costs by 150 percent.
"This disastrous bill would raise energy costs and, thus, rob the poor of what little disposable income they have," Burnett said. "In the end, the public is clamoring for lower, not higher fuel prices. "The response from the Senate is not to increase domestic production, but instead to raise the costs of gasoline and electricity."
If the greenhouse gas legislation passes, the National Association of Manufacturers says Texas, Florida and Georgia could be among the hardest-hit states because of their current energy sources and their size. The group says the economic hit to Texas alone could force companies to cut as many as 335,000 jobs to pay for added costs.
"The Democratic leadership should have to defend its push to raise energy prices to fight global warming," said NCPA Senior Fellow H. Sterling Burnett. "Despite the continued rise in greenhouse gas emissions, the earth hasn't warmed in ten years and some studies say the temperatures could even decline. How can proponents fight warming when there is no warming going on?"