Potential Cost of Waxman-Markley Clean Air Bill

Heritage Foundation study finds that passage of the Waxman-Markley energy bill creating a system of cap--and-trade would have a negative impact on business and jobs for decades as well as raising the cost of gasoline.

Thank you, Sandy, for alerting me to this information. ~~ S. Lane

Waxman-Markey's Effect on Gas Prices in Your State

by Nicolas Loris and Ben Lieberman August 28, 2009 WebMemo #2598

The Waxman–Markey energy bill, which would restrict greenhouse gas emissions by creating a cap-and-trade system, was passed by the House in June and will likely be considered by the Senate soon.

If this bill becomes law, gasoline prices would increase significantly in order to meet emissions limits imposed by the legislation.

Also see

The Economic Consequences of Waxman-Markey: An Analysis of the American Clean Energy and Security Act of 2009
by David Kreutzer, Ph.D., Karen Campbell, Ph.D., William W. Beach, Ben Lieberman and Nicolas Loris August 6, 2009 Center for Data Analysis Report #09-04
After a truncated debate and last-minute changes, the House of Representatives narrowly passed climate-change legislation on June 26, 2009, designed by Henry Waxman (D-CA) and Edward Markey (D-MA). The 1,427-page bill would restrict greenhouse gas emissions from industry, mainly carbon dioxide from the combustion of coal, oil, and natural gas.

Since energy is the lifeblood of the American economy, 85 percent of which comes from CO2-emitting fossil fuels, the Waxman-Markey bill represents an extraordinary level of economic interference by the federal government. For this reason, it is important for policymakers to have a sense of the economic impact that accompanies any environmental benefits.[1]

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