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Lieberman-Warner Bill Will Cost South Carolina Jobs, Could Double Gas Prices

June 3, 2008

Lieberman-Warner Bill Will Cost South Carolina Jobs, Could Double Gas Prices
Study shows bill could cost SC up to 69,000 jobs, increase gas prices by nearly $5 per gallon

WASHINGTON, D.C. – Today, U.S. Senator Jim DeMint (R-South Carolina) announced his opposition to the Lieberman-Warner “cap & trade” scheme. A recent study projects the legislation could cause the loss of tens of thousands of jobs in South Carolina and more than double the price of gasoline, electricity and natural gas.

“This bill would be an economic disaster for our state and our nation, while offering no certain environmental gains,” said Senator DeMint. “Our nation already faces major economic hurdles with record-high energy prices. The last thing Americans need right now is for Congress to force through a massive bill that destroys jobs and hikes gasoline prices by nearly five dollars a gallon.”

“If you’re already frustrated by the cost of gasoline and natural gas, this next ‘sock in the gut’ from Congress will really take your breath away.”

In South Carolina, research by the National Association of Manufacturers determined that by 2030 Lieberman-Warner could:

  • Increase gasoline prices between $2.08 to $4.94;
  • Increase electricity prices 103% to 135%, natural gas between 91% and 131%;
  • Reduce employment between 52,000 to 69,000 jobs (loss of 3 to 4 million jobs nationally);
  • Reduce economic output between $6.5 billion to $7.6 billion; and
  • Reduce personal income by as much as $5,978 for each South Carolinian.

Research by the Heritage Foundation found a similar negative impact nationally, projecting that by 2030 the legislation could:

  • Reduce gross domestic product (GDP) between $1.7 trillion and $4.8 trillion; and
  • Raise energy costs for the average American household by $8,870 between 2012 and 2030.

“For decades, Congress has imposed burdensome regulations and taxes to prevent our energy markets from developing forms of clean energy like nuclear power and clean coal technology that would immediately reduce our carbon-dioxide emissions. If Congress will get out of the way and allow our energy industry to innovate, we can lower prices, increase our independence, and improve our environment,” said Senator DeMint.

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