The American Petroleum Institute issued the following statement Wednesday from President Jack Gerard on reports of previously unreleased Treasury Department analysis that says cap and trade legislation would cost American taxpayers up to $200 billion a year:
"Nearly all of the analyses into the costs of climate legislation, including the analysis of the Department of the Treasury revealed this week under the Freedom of Information Act, come to the same conclusion: it will cost the American people a lot of money. At the upper end of the Treasury's estimate, the cost of a cap and trade law would cost the average American family $1,761 a year. Unfortunately, it appears that the Treasury Department redacted a very important line that begins: "It will raise energy prices and impose annual costs on the order of XXXXXXXXXXXXXXXXX." The Administration and the authors of the House legislation say the House bill would cost the American family the equivalent of a postage stamp a day. Apparently, the cost of a postage stamp just went up a lot.
"Ill-conceived climate legislation will cost American jobs, hit American industry and make our nation less energy secure. A recent analysis by EnSys Energy showed that, under the climate bill narrowly passed by the House, the U.S. would double its reliance on foreign sources of refined fuels like gasoline and diesel, from 10% to 20%. We call on the Senate to carefully consider these analyses in a robust and transparent debate when it takes up climate legislation."