API issues statement on House approval of climate bill

Robert Dodge | 202.682.8127 | dodger@api.org

WASHINGTON, June 26, 2009 – The American Petroleum Institute issued the following statement today from President Jack Gerard on House approval of the Waxman-Markey climate change bill:

"In approving the Waxman-Markey climate bill, the House has chosen to ignore the legislation’s harmful effects on American consumers, businesses and the economy. At a time when America is trying to recover from a serious recession, the House has approved legislation that would cost energy users billions of dollars and add new stress to the economy.

"Independent analysis shows the bill could add substantially to the cost of fuels for consumers and businesses. According to the Heritage Foundation, the House legislation could cause gasoline prices to jump 74 percent by 2035. At today’s prices that means gasoline would be well over $4 a gallon. A recent study by CRA International for the National Black Chamber of Commerce also estimates a net loss of over 2 million jobs a year.

"The bill will cost Americans billions of dollars in higher costs, kill jobs and will not deliver the environmental benefits promised. We are hopeful that the Senate will produce a bill that does not harm the economy and includes a more balanced approach to transportation fuels and natural gas."