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Energy bills would cost $1 trillion, study says

11/19/2007
Energy legislation currently before the 110th Congress would cost nearly 5 million jobs and drain $1 trillion from the US economy, a study commissioned by the American Petroleum Institute concluded on Nov. 13.Seven legislative proposals in bills passed earlier this year by the House and Senate would restrict available energy supplies and likely increase their costs, the study by CRA International found.It examined the potential economic impacts of requiring a 10 million b/d reduction from projected 2030 US oil consumption, the use of 36 billion gal/year of renewable transportation fuels by 2022, and more than $15 billion in increased oil and gas industry taxes over 10 years. It also studi...
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