The National Association of Manufacturers (NAM), last week spoke out against proposed Congressional energy legislation, highlighting the projected loss of nearly 5 million jobs and 4% GDP reduction by 2030 expected to result from the bill's implementation.
A study released by Charles River Associates (CRA) this week examined the potential economic impacts of energy legislation currently being considered by the U.S. Congress.
"The CRA study vindicates what the NAM has been saying about proposed Congressional energy legislation: in their current form, these bills are bad for manufacturers and bad for the U.S. economy," said Keith McCoy, NAM vice president for energy and resources policy.
The study assessed provisions in the bills, including a mandatory oil savings program, a renewable fuels standard, oil industry tax increases, a "price gouging" provision, a renewable portfolio standard for the electric power sector, more stringent CAFE standards and various proposed access restrictions on domestic production of oil and natural gas.
Energy intensive manufacturing would be among the sectors disproportionately affected by the bill, according to the study. The proposed legislation also is expected to diminish the American household's annual purchasing power by approximately $1,700 and reduce aggregate investment by 3.4%.
