Posted on 08/12/2009 5:31:16 PM PDT by Shellybenoit
While all of the attention lately has been paid to Obamacare it is important to note that Cap and Trade is not dead, but of course it should be. Today The National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) unveiled a comprehensive study on the impact of The American Clean Energy and Security Act of 2009, also known as the Waxman-Markey Bill (HR 2454) or Cap and Tax. As a reminder the bill passed the House of Representatives by a slim margin (219-212) earlier this summer without reading it. And the Senate is expected to release its version of climate legislation in September.
The Study show that Cap and Tax will be a disaster for the American Economy:
* Cumulative Loss in Gross Domestic Product (GDP) up to $3.1 trillion (2012-2030) * Employment losses up to 2.4 million jobs in 2030 * Residential electricity price increases up to 50 percent by 2030 * Gasoline price increases (per gallon) up 26 percent by 2030
Per the usual congressional procedure, bills are being generated without reading them and without any analysis of the consequences of the legislation. Read the below and discover the consequences the Democrats do not care about:
(Excerpt) Read more at yidwithlid.blogspot.com ...
terrible legislation. It’s sad how partisan this government is becoming. I’m not exactly calling for McCain-like stuff, but give me a break.
Why the Waxman-Markey bill will kill the US with energy outsourcing and refining issues...PDF
http://www.api.org/Newsroom/upload/ENSYS_W_M_Briefing_Report_2009_8_20.pdf
“”Refining, energy security, jobs, physical security, economy, a decent life....
The United States will be more dependent on imports of gasoline and other petroleum fuels while U.S. refining production would be shifted overseas if a climate change bill passed in the U.S. House of Representatives becomes law, a study shows.
An analysis by global consulting firm EnSys Energy of the impact of the “American Clean Energy and Security Act”, which passed by a narrow 219-212 vote in the House in June, on the U.S. refining sector showed that investment in U.S. refining capacity could plummet because the cost of doing business could soar. Production at U.S. refineries would drop while production at refineries in countries that do not limit their own greenhouse gas emissions would rise. The impact on global refinery greenhouse gas emissions would be minor as reductions in U.S. emissions mostly would be offset by increases in emissions in other countries.
“This study clearly shows the devastating impact this legislation could have on U.S. jobs and U.S. energy security,” said API President and CEO Jack Gerard. “Climate legislation should not come at the expense of U.S. economic and energy security. Congress needs to analyze carefully the impact of any climate policy on ordinary Americans, American jobs and American companies. A deep decline in U.S. refining activity would have a ripple effect throughout the economy, affecting jobs in sectors beyond the oil and gas industry. Steelworkers, construction workers, even the shop keepers, school teachers and waitresses working in communities where refineries operate would feel the pinch.”
The House climate legislation drives up individual and business fuel costs because it inequitably distributes free emission “allowances” to various sectors. Refiners are held responsible for 44% of emissions, including the refinery emissions (about 4%) as well as consumer emissions from planes, trains, automobiles, heating oil, and other petroleum use. Yet refiners are allocated only 2.25% of allowances. In contrast, some other sectors receive free allowances that match or exceed their obligation.
According to the EnSys study, commissioned by API, the U.S. would need to increase its imports of petroleum fuels in order to meet as much as nearly one-fifth of U.S. refined product demand in 2030 if the House climate bill becomes law, double what imports would have been.
U.S. refining throughput, a measure of productivity, could plummet by as much as 25% (4.4 million barrels per day) and investment in U.S. refining could “
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