President Working to Keep Promise to Make Electricity Rates “Skyrocket”
In 2008, then-Senator Obama promised that, “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.” Today, the president kept his commitment with the administration’s release of a proposal to regulate greenhouse gas emissions from existing power plants. The U.S. Chamber of Commerce estimates such a destructive proposal could increase electricity costs for consumers by $289 billion by 2030, lowering total disposable income for households by $586 billion over the same period. This equates to a loss of approximately $3,400 in disposable income to the typical household, an average loss of $200 per year. House Energy and Commerce Committee Chairman Fred Upton (R-MI) responded to the president’s plan for higher energy prices, calling it the “one promise he is actually delivering on.”
"Cap-and-trade was just one way of skinning the cat..."
It appears the president found a new way to “skin the cat,” and is moving forward with a suite of new costly regulations on our power sector that will increase rates, destroy jobs, threaten our energy reliability, and undermine our economic recovery.