American Petroleum Institute President Jack Gerard:
“As independent analysis suggests, this legislation will drive up consumer prices for gasoline and other fuels. At today’s prices, it would mean gasoline at more than $4 a gallon. It also will create huge disincentives for the production of America’s abundant natural gas resources, and force jobs and productive capacity overseas,” Gerard said.This cap and
“API supports legislation to reduce emissions of greenhouse gases in lieu of ill-suited federal and state regulatory programs,” Gerard said. “The oil and natural gas industry is responsible for 44% of the $133 billion in total public and private sector investments in low-carbon energy technology since 2000. Unfortunately, the approach taken by the Waxman-Markey bill is so fundamentally flawed that the House should reject it. Simply stated, the bill will cost Americans billions of dollars in higher costs, kill jobs and will not deliver the environmental benefits promised.”
But let's get real for a minute and ask one vital question: If this bill is going to wreck our already depressed economy, why are Democrats so insistent on doing it? The answer is that they really don't care about
Is that the hope and change you voted for?
UPDATE: Rep. Bob Latta (R, OH-05) brings this whole thing home:
“If the Obama administration truly wants to protect and create jobs, the President and Congressional Democrats must stop their consideration of the Cap and Trade legislation that will result in a massive national energy tax on American businesses and families.Somebody ought to ask Governor Strickland what he thinks of this idea...
Under The Heritage Foundation’s Manufacturing Vulnerability Index, Ohio’s Fifth District is the third most vulnerable district in the nation under Cap and Tax because of Ohio’s reliance on coal generated power. President Obama stated in an interview that electric rates will “necessarily skyrocket” under this proposal. As power suppliers will be taxed on their emissions, those suppliers will then pass that cost directly along to consumers. Manufacturers who consume large amounts of power for production will be forced to make tough decisions on whether or not to take their jobs overseas when they are forced to pay more to simply turn on the lights. The Brookings Institution estimates that within ten years there will be a .5 percent job loss across the United States and the Heritage Foundation estimates that Cap and Tax will result in the loss of 2.47 million American jobs by 2035.
Congressional Republicans want an “all of the above” energy strategy to get this nation moving. We are promoting alternatives such as solar, wind, ethanol, bio-mass, and hydrogen. We must also continue to develop nuclear, clean coal, oil, natural gas, and geothermal. America can no longer rely on foreign oil, specifically from the Middle East, as they continue to artificially dictate prices. The United States has an abundance of oil and natural gas that we can tap into that will immediately lower energy prices and reduce our dependency on foreign sources of energy.”