The Department of Energy released its analysis of the Lieberman-Warner Climate change bill late yesterday. The study shows that under this bill in 2030 the high cost scenario would drive natural cost prices up 40 percent to almost $19/mcf and electricity generation up 34 percent to almost $12/kWh. This comes on the heels of other studies of the bill performed by the EPA, MIT and the NAM and ACCF that also show devastating economic consequences of this legislation.
Senator Domenici said it best:
4 out of 4 major studies now agree–Lieberman Warner will increase energy costs and decrease economic growth. At a time when Americans are increasingly concerned with the rising costs of energy and the state of the economy, it is rather shocking that Congress would seriously consider measures which will send us on the wrong track on both.
NAM press release on the study available here.