New study shows pending energy legislation would harm U.S. economy, decrease energy production
WASHINGTON-U.S. Sen. John Cornyn, Vice Chairman of the Senate Republican Conference, made the following statement today regarding a new study on the economic impact of the Energy bill currently before Congress. The study, prepared by Charles River Associates International and commissioned by the American Petroleum Institute, examined seven of the major legislative provisions in the House and Senate versions, and found the Democrat-proposed Energy bill would have adverse effects on the economy. It reported a loss of 4.9 million jobs and a reduction of GDP by 4 percent by 2030 if the legislation is passed in its current form.
"While Congress considers legislation that will determine the path of America's energy policy, it is more important that ever that we pursue common-sense energy policies to strengthen our nation's energy security, promote clean and sustainable energy sources, and protect our economic growth. The current legislation, as written, does not achieve those goals.
"In fact, this study concludes that the bill will have the opposite effect, with 'significant adverse impacts on the U.S. economy.' The study also confirmed a decline in domestic oil production and domestic natural gas production. This is simply unacceptable.
"Without important amendments, the pending legislation will harm our economy and jeopardize our security by increasing our dependence on foreign energy. It will also result in passing higher costs onto consumers, including at the gas pump. We need policies that decrease energy costs, and move us toward greater energy security and economic prosperity. I will continue working for a balanced, common-sense energy bill that achieves these goals."