Abstract
LEGISLATION TO REDUCE industrial carbon dioxide emissions is likely to have a small yet significant impact on long-term economic growth, according to a recent EPA analysis. For the analysis, the agency looked at a bill (S. 2191), sponsored by Sens. Joseph Lieberman (I-Conn.) and John Warner (R-Va.), that is currently before the Senate. The bill calls for a reduction of industrial CO 2 emissions under a phased schedule between 2012 and 2050. It proposes a complex market-driven CO 2 cap-and-trade program that would be overseen by a national board. The bill’s potential economic impact has been hotly debated and will likely determine whether it becomes law. The EPA analysis estimates that complying with the bill would reduce gross domestic product by 0.9–3.8% by 2030 and by 2.4–6.9% by 2050. Gasoline prices would be an estimated $0.53 per gal higher in 2030 and $1.40 per gal higher in 2050, although the bill does not address CO 2 from transportation. ...
Published Version
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