The EPA has released its analysis of the Lieberman-Warner climate change bill (S. 2191):
The leading congressional proposal to control greenhouse-gas emissions could be implemented without significantly harming the nation’s economic growth over the next two decades, according to an analysis published Friday by the Bush administration.
But the analysis also gives ammunition to critics of the proposal. It predicts gasoline prices and electric prices would rise more rapidly if the government implemented the proposed caps on carbon-dioxide emissions.
Both supporters and opponents of cap-and-trade can find something to tout in the EPA report. Supporters will emphasize the minimal amount of economic harm, while opponents will focus on the prediction of higher gas prices.
“This is the start of the modeling wars,” Environmental Defense spokesman Tony Kreindler said of the report.
The debate will rage on as more studies are done on S. 2191:
The agency’s analysis won’t be the administration’s last word on the costs associated with the Lieberman-Warner bill; the Energy Information Administration, an arm of the U.S. Energy Department, is conducting its own analysis of the legislation, and is expected to report its findings in April.
On the bright side, at least the debate has shifted from “Is climate change occurring?” or “Are human beings responsible?” to “How much will it cost to regulate CO2?”
Tags: climate change, economy
