Written by Amy Payne
How’s your heating bill? If you feel like you’re not paying enough, you’re in luck.
President Obama’s Environmental Protection Agency (EPA) is pushing new regulations on power plants—regulations that will kill jobs, jack up your energy costs, and even end up reducing families’ income because of the impact on the prices of everything you buy.
As Heritage experts Nicolas Loris, Kevin Dayaratna, and David Kreutzer explain:
These regulations will act as a major energy tax that would negatively impact American households. Americans will suffer through higher energy bills, but also through higher prices for goods and services, slowing the economy and crippling the manufacturing sector.
…It will cost more to heat, cool, and light homes, and to cook meals. These higher energy prices will also have rippling effects throughout the economy. As energy prices increase, the cost of making products rises.
The EPA’s war is against coal, which is the main source of electricity for 21 states. In their research, Heritage experts analyzed a phase-out of coal (thanks to the EPA’s regulations) between 2015 and 2038.
Here are their dire warnings. By the end of 2023, they project:
Employment falls by nearly 600,000 jobs (270,000 in manufacturing).
Coal-mining jobs drop 30 percent.
A family of four’s annual income drops more than $1,200 per year, and its total income drops by nearly $24,400 over the entire period of analysis.
And for what?
Certainly not helping the environment. The authors sum it up: “President Obama’s climate plan would have a chilling effect on the economy, not the climate.”
They explain that “regulations aimed at reducing greenhouse gas emissions will have no meaningful effect on global climate change. The EPA admitted this in its own proposed rule.”
So—hundreds of thousands of lost jobs, thousands in lost income, higher prices across the board—and “no noticeable climate impact.” That’s what these regulations mean.
It’s important to remember that these rules are being developed by unelected bureaucrats at the whim of the Obama Administration. We’ve already learned that the Administration delayed a number of controversial regulations, including energy-related ones, conveniently until after the 2012 election. Why? Because they’re harmful to Americans.
The authority to make such sweeping changes doesn’t belong to these unelected bureaucrats, the Heritage experts say. Congress should take back its power and prevent these rules from inflicting harm on the economy—and our wallets.