The People of America's Oil and Natural Gas Indusry

Painful Outcome Predicted

Jane Van Ryan

Jane Van Ryan
Posted August 21, 2009

Two more CRA International studies have been released, citing the likely economic impact of the Waxman-Markey bill. They show that the bill, if enacted, would reduce the number of jobs and lower purchasing power in both Ohio and New Mexico.

In Ohio, CRA International's analysis of the House-passed climate bill showed that as many as 114,100 jobs would be wiped out, and the average household's purchasing power would be reduced by as much as $1,070 a year.

In New Mexico, as many as 18,900 jobs would be eliminated by the Waxman-Markey bill, and the average household would lose as much as $1,230 in purchasing power every year.

Both states also would see tax receipts decline dramatically, which could take away funds for education, health and safety programs. Tax revenues in Ohio would shrink by $470 million in 2015 and by $960 million in 2030. In New Mexico, tax revenues would fall by $100 million in 2015 and by $210 million in 2030.

The CRA International analyses were commissioned by API. CRA International is a global consulting firm.