CRA Report: Global Warming Legislation Would be Costly; New Report Shows McCain-Lieberman Legislation would Increase Costs for U.S. Households

WASHINGTON--()--Oct. 29, 2003--A new cost analysis by Charles River Associates reports that the cost to families and the impact on the American economy of the McCain-Lieberman bill (S. 139) would be much more dramatic than earlier projections.

Earlier this year, Senators McCain and Lieberman introduced the Climate Stewardship Act of 2003 (S. 139) to establish mandatory greenhouse gas reductions in the United States. Proponents of the bill argue that cuts in carbon dioxide emissions are necessary to prevent global warming, even though most scientists believe that such modest reductions in carbon dioxide emissions will have little measurable effect on the earth's climate.

Among the key findings of the report:

-- A Phase I - only amended version of S. 139 would likely cost above $300 per year, per household in terms of reduced consumption.

-- Consumers could expect to pay 20% higher electricity bills.

-- The price of gasoline would increase by roughly $0.25 per gallon.

-- Higher costs cited in report take into account overall effects on the economy of S. 139, including lost GDP, lost tax revenue which would result.

James K. Glassman, host of the online journal TechCentralStation.com and a fellow at the American Enterprise Institute said, "The cost analysis of McCain-Lieberman reinforces what we've come to learn about global warming policy measures since Kyoto. We do know that they'll be very costly and damaging to the U.S. economy, and we don't know if they'll have any measurable effect on the earth's climate."

The cost analysis of McCain Lieberman was prepared by Charles River Associates for the Tech Central Science Foundation.

Please call 202-572-6231 to arrange an interview with one of the authors of the report.

Contacts

TechCentralStation, Washington
Laura Braden-Dlugacz, 202-572-6231

Contacts

TechCentralStation, Washington
Laura Braden-Dlugacz, 202-572-6231