You can’t say President Obama didn’t warn you. When he was running in 2008, Obama warned that “electricity rates would necessarily skyrocket” because of his energy plan.
Thankfully, Congress blocked some of the worst parts of the plan, which would have taken a significant toll on the economy and cost American families $1,761 each year. That, however, hasn’t stopped President Obama from pushing some his policies through executive and regulatory fiat, which completely bypasses the legislative process.
President Obama’s latest energy proposals, which will be implemented by the EPA, continues to show that he has no concern for the costs that are passed on to hard-working Americans.
Writing at FreeEnterprise.com, the official blog of the U.S. Chamber of Commerce, Sean Hackbarth explains that consumers can expect higher energy costs and a less reliable energy grid as a result of the policies.
“In his State of the Union address in February, President Obama uttered the word “jobs” 34 times. Four months later, he delivered a speech on a climate change plan that attacks fossil fuels, damaging the economy and job-creation,” noted Hackbarth. “U.S. Chamber President and CEO Tom Donohue said in a statement that the plan ‘runs a serious risk of punishing Americans with higher energy bills, fewer jobs, and a weaker economy, while delivering negligible benefits to the environment.’”
“The Washington Post reports that regulating carbon emissions for existing power plants ‘will raise consumers’ electricity prices in the short term as utilities are forced to shutter aging coal plants to comply with stricter pollution limits,’” added Hackbarth. “This happens to be exactly what President Obama predicted when he was running for President in 2008. Higher electricity rates aren’t good when many Americans have a dangerously-low level of emergency savings and aren’t in the position to afford rate increases.”
The persecution of the coal industry is of particular concern. President Obama has already taken steps to ensure that new coal plants meet strict environmental regulations. Older plants, however, were initially spared. But the new standards that President Obama will implement through the EPA will result in the closing down of those older plants, thus leaving the United States with a less reliable energy grid.
“The proposed greenhouse gas rules would shut down power plants that produce consistent amounts of electricity at a time when demand is projected to increase as the economy grows,” explained Hackbarth. “[The U.S. Energy Information Administration] projects electricity demand to grow by as much as 24% by 2040.”
The Heritage Foundation estimates that President Obama’s plan to eliminate coal plants with cost 500,000 jobs and increase electricity prices by 20%. That’s a high price to pay for regulations that will have no substantive impact on global warming.