New Analysis Shows Massive Spike in Electricity Prices Under Cap-and-Tax (a.k.a. Cap-and-Trade)

The following press release was published by the U.S. Congress Committee on Ways and Means on April 2, 2009. It is reproduced in full below.

Washington, DC - Ways and Means Ranking Member Dave Camp (R-MI) issued the following statement during today’s committee hearing addressing price volatility in climate change legislation. The graph below shows the state-by-state analysis of annual increases in electricity costs that would occur under a 100% auction, as President Obama has called for, to meet his target carbon emission reductions:

“As the data suggests, in almost every case, cap-and-tax increases electricity rates and causes hardships for American families. In the past, providing incentives for renewable and alternate forms of energy has worked at lowering emissions. Congress should not resort to using penalties of an unproven cap-and-tax system that only serves to put millions of Americans out of work and skyrocket the cost of electricity for American families."

click on chart for a high resolution image

SUBCOMMITTEE: Full Committee SUBCOMMITTEE: Trade

Source: U.S. Congress Committee on Ways and Means