Driving US families into fuel poverty

Major Findings

Our major finding is that the CO2 restrictions implied in the EPA regulation would have serious economic, employment, and energy market impacts at the national level (Figures EX-1 and EX-2) and for all states, and that the impacts on low-income groups, the elderly, African Americans, and Hispanics would be especially severe. We estimated that implementation of the EPA Finding would:

Significantly reduce U.S. GDP every year over the next two decades, and by 2030 GDP would be about $500 billion less than in the reference case ¡V which assumed no EPA carbon restrictions.

Significantly reduce U.S. employment over the next two decades, and by 2030 would result in the loss of 2.5 million jobs.

Significantly reduce U.S. household incomes over the next two decades, and by 2030 average household income would be reduced by about $1,200 annually.

In addition, the EPA carbon restrictions would greatly increase U.S. energy costs, and by 2030 these increases (above the reference case) could total:

50 percent for gasoline prices
50 percent for residential electricity prices
75 percent for industrial electricity prices
75 percent for residential natural gas prices
100 percent for industrial natural gas prices
40 percent for jet fuel prices
40 percent for diesel prices
600 percent for electric utility coal prices

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