Wednesday, August 05, 2009

Dems Cap and Trade "Energy" Bill Will Raise Electricity Rates 20%

I thought Obama wasn't going to raise our taxes?

Tuesday, the U.S. Energy Information Administration released their study of the impacts of the Democrat's Cap and Trade program which recently passed the House of Representatives.

Bloomberg news sorted through the bureaucratic language in the report and found:

higher prices will drop household consumption of energy while the average cost to each household will rise $204 per household by 2020 and $522 per household by 2030. A June Congressional Budget Office report estimated the measure would cost an average of $175 a year per household annually by 2020.

In addition to predicting higher power prices, the draft says the gross domestic product will fall by $492 billion from 2012 to 2030, or 0.2 percent, under the most likely scenario.

And Ed Morrisey points out:

[E]nergy costs get folded into every product and service provided in the marketplace. Energy cost increases magnify through the distribution chain, forcing prices higher and higher at each step. When manufacturers have to pay higher prices for their energy, their product prices go up, as does the markup at the distributor and the retailer. We saw this dynamic during the rapid increase in gasoline prices in 2007-8, as food prices especially escalated due to the cost of trucking produce and groceries to markets. Several estimates of the total impact of cap-and-trade have been published, with some estimates as high as $3200 per year per household.
Less energy, at a substantially higher cost and a negative impact on the entire economy!

Does that sound like a good idea?

Only a Democrat would think so!

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