EPA's new regs will cause the Midwest region's energy bills to rise by over $3.3 billion
WASHINGTON - Monday, President Barack Obama's Environmental Protection Agency released an array of proposed new regulations with a goal of reducing carbon emissions by 30 percent by 2030.
But an analysis by the Institute for Energy Analysis found that EPA’s potential new carbon regulations would have other detrimental effects to the American economy:
- Lower U.S. Gross Domestic Product (GDP) by $51 billion on average every year
- through 2030
- Lead to 224,000 fewer U.S. jobs on average every year through 2030
- Force U.S. consumers to pay $289 billion more for electricity through 2030
- Lower total disposable income for U.S. households by $586 billion through 2030
With global carbon emissions expected to rise by 31% between 2011 and 2030, the Energy Institute’s analysis found that EPA regulations would reduce this overall emissions level by just 1.8 percentage points. The whole analysis is HERE.