API's Jack Gerard comments on Kerry-Boxer bill

Bill Bush | 202.682.8069 | bushw@api.org

WASHINGTON, October 24, 2009 - The American Petroleum Institute issued the following statement today from President Jack Gerard on the Kerry-Boxer bill:

“The more we learn about Kerry-Boxer, the clearer it becomes the legislation resembles Waxman-Markey, only worse. It will impose even greater costs on the economy and distribute those costs just as inequitably. It promises more pain to consumers but also imposes much greater burdens on some parties than others. Farmers, truckers, airline passengers, and families and all businesses that rely on petroleum fuels will be the clear losers, paying the lion’s share of the costs.

“Although the committee has been slow in releasing details of the legislation, making it difficult to analyze the costs, the close similarity to Waxman-Markey suggests the costs of Kerry-Boxer would be at least as great, including gasoline and diesel prices that could rise above $5.00 a gallon. Some of the analyses of Waxman-Markey also project net job losses of two million or more even after the creation of some green jobs.”