Cap and Trade Passes Committee
Cap and Trade Passed by Committee
The Environment and Public Works Committee has approved carbon cap and trade legislation sponsored by Barbara Boxer (Democrat – California) and John Kerry (Democrat – Massachusetts). It now moves to the full Senate.
At a time when our economy is struggling and unemployment is above 10%, Democrats are pushing for legislation that will cost us jobs and increase the cost of energy for virtually all Americans. Democrats supporting this initiative are ignoring and/or dismissing all studies that indicate that this legislation will have a significant negative effect on our economy.
Effects of Cap and Trade on the Petrochemical Industry
The National Petrochemical and Refiners Association (NPRA) cited an Energy Policy Research Foundation Inc. study earlier this month that said even before US refiners face higher costs from carbon emissions they would face a higher cost structure and increased international competition, which would threaten to close 2.5 million barrels/day (b/d) of the existing 17.5 million b/d of US refining capacity.
In written testimony the NPRA submitted for the record the effects pending climate legislation would have on American energy jobs. The NPRA believes that both House and Senate versions (H.R. 2454 and S. 1733) would drive domestic gasoline and diesel production away from the USA, resulting in lost jobs for American workers and the outsourcing of our nation’s energy security to regions of the world that do not follow our already stringent environmental protections.
As energy prices rise, and American companies find themselves less competitive, businesses and jobs will flow to countries without stringent environmental controls, allowing emissions to increase. The additional energy costs will raise the cost of all U.S. goods and services. This will result in further job losses.
Cost of Cap and Trade
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