We'll Just Bankrupt Them
During his 2008 campaign, President Obama promised, “if somebody wants to build a coal plant, they can — it’s just that it will bankrupt them.” It’s now 2012, and here’s how he’s doing it.
EPA is committed to raising your energy costs. But this time the stakes are higher than ever: their new Utility MACT rule is the most costly regulation in American history, costing as much as $10 billion a year. Thankfully, we have a chance to stop them.
Supposedly designed to reduce mercury emissions, what Utility MACT really does is crush coal- and oil-fired power plants under the weight of expensive new mandates that will do little to improve public health. Numerous plants will have to close because the compliance costs are just too high—the rest will just pass the costs along to customers, like you and me.
The whole American economy will suffer as a result, not just the power sector. One analysis projects the new rule would cause electricity prices to rise by an average of 12% nationwide and as much as 24% in regions that rely heavily on coal power—that is, most of the eastern seaboard and the Midwest. As many as 1.4 million jobs would disappear. With American families already struggling and the unemployment rate still over 8%, these additional job losses and higher energy costs couldn’t come at a worse time.
The good news: Congress still has an opportunity to fight back. Senator Jim Inhofe (R-OK) introduced an official resolution (S.J.Res. 37) to overturn this costly rule and send the EPA back to the drawing board.
Like this post? Chip in $5 to AFP.