API: Nuclear subsidies a bad deal for Illinois consumers, businesses, workers

WASHINGTON, November 30, 2016 – Illinois Petroleum Council Executive Director James Watson expressed disappointment that Illinois Governor Bruce Rauner will support S.B. 2814, which could have devastating effects on the state’s economy and raise energy costs for consumers.

 “Today’s decision by Governor Rauner is short-sighted and has the potential to harm Illinois consumers, businesses, and workers,” said Illinois Petroleum Council Executive Director James Watson. “The low cost of electricity in Illinois is a competitive advantage that has created thousands of well paying jobs with our state’s manufacturers. The cost increase resulting from providing millions of dollars in tax credits to nuclear power every year could have devastating effects, possibly putting those jobs at risk, to provide a government bailout to a single company. Government mandates that ask consumers to subsidize power producers are unacceptable. We urge the governor to pursue energy and economic policies that protect consumers, create jobs, and improve the environment.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.

###