The People of America's Oil and Natural Gas Indusry

Another Forecast of Climate Bill Costs

Jane Van Ryan

Jane Van Ryan
Posted August 13, 2009

Yesterday, the National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) released a study--Economic Impact of the Waxman-Markey American Clean Energy and Security Act--that again demonstrates the significant costs associated with this House-approved legislation. The Senate will soon take up similar legislation that could have a profound impact on Americans' everyday lives, especially if it resembles this version.

The study found that under a high-cost scenario, the House bill could reduce economic growth by 2.4 percent and cost 2 million jobs by 2030. And though the impact of the bill will grow over time, the economy will start feeling the effects of the carbon cap almost immediately.

For more information, read the full study.