The People of America's Oil and Natural Gas Indusry

Waxman-Markey--Only Worse

Jack Gerard

Jack Gerard
Posted October 26, 2009

Friday night, Sen. Barbara Boxer issued an updated version of the Kerry-Boxer climate bill, and the more we learn about this bill, the more it resembles Waxman-Markey--only worse.

It will impose even greater costs on the economy and distribute those costs just as inequitably. It promises more consumer pain but also imposes much greater burdens on some parties than others. Farmers, truckers, airline passengers, families and all businesses that rely on petroleum fuels will be the clear losers, paying the lion's share of the costs.

Although the committee has been slow in releasing details of the legislation, making it difficult to analyze the costs, the close similarity to Waxman-Markey suggests the costs of Kerry-Boxer would be at least as great, including gasoline and diesel prices that could rise above $5.00 a gallon. Some of the analyses of Waxman-Markey also project net job losses of two million or more even after the creation of some green jobs.

ABOUT THE AUTHOR

Jack N. Gerard is president and CEO of the American Petroleum Institute (API), the national trade association that represents all aspects of America’s oil and natural gas industry. He also has served as the president and CEO of trade associations representing the chemical and mining industries. Jack understands how Washington works. He spent several years working in the U.S. Senate and House, and co-founded a Washington-based government relations consulting firm. A native of Idaho, Jack also is very active in the Boy Scouts of America, a university graduate program on politics, and his church’s leadership. He and his wife are the proud parents of eight children, including twin boys adopted from Guatemala.