Tuesday, October 4, 2011

Sen. Inhofe: Obama's EPA Waging War on Fossil Fuels

Job creation has been all over President Obama’s lips in the past few weeks, but GOP opponents say his Environmental Protection Agency’s regulatory war on fossil fuels is costing the economy far more than the estimated $447 billion price tag of his jobs proposal.

“The President of the United States wants to destroy American energy,” said Oklahoma GOP Sen. James Inhofe, the ranking member of the Senate Energy and Public Works Committee. “His intention is to kill fossil fuels, which we rely on for 99% of the energy in America.

“All of this killing of our energy supply is not by accident. It’s on purpose.”

According to Inhofe, the administration’s proposed CO2/greenhouse gas-emission regulations—due out in November—could chop $300 billion to $400 billion alone off the nation’s gross domestic product (GDP) each year. Estimates from the Senate Energy and Public Works Committee's Republican staff estimates this regulation could cost in excess of the 2 million jobs that would have been lost as a result of Waxman-Markey Climate Change Bill.

Other estimates suggest that the EPA’s Utility MACT and Transport Rule could cost $184 billion and 1.4 million jobs. Statistics Inhofe provided suggest the rule could shutter hundreds of coal-fired power plants around the country—equaling as much as 20% of the nation’s total energy output.

The Utility MACT rule would increase the technology requirements imposed on utility companies for removing pollutants such as mercury from the emissions from their coal-fired power plants. It could necessitate the retrofitting of as many as 600 scrubber units across the country, according to industry estimates.

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