Cochran expresses opposition to Climate Security Act of 2008
Senator Cochran spoke on the U.S. Senate floor in opposition to climate change legislation in early June. He shared his concerns about the Climate Security Act of 2008. Read some of his remarks below.
“Mr. President, My staff members and I hear from Mississippians every day about the crippling effects of high energy prices. We all understand the need for increasing clean energy supplies and I hope that we will continue to work to do that, and to develop other innovative solutions to this great problem. But the bill we are now considering will not accomplish that goal.
Instead, this legislation will have a detrimental effect on our economy. It will contribute to higher overall costs of living, and it will be especially harmful to lower income families.
According to projections by the Energy Information Administration and the Environmental Protection Agency, energy costs are projected to rise because of this legislation. Energy prices are already at an all time high. We cannot afford to increase these costs even further. By 2030, increased costs for delivered coal could range between 405 percent and 804 percent. Natural gas prices could rise between 34 percent and 107 percent. And, gasoline prices could go up to between 17 percent and 41 percent. Although the substitute amendment we are considering imposes yearly cost ceilings, these high prices will still be realized unless improbable advancements in alternative energy production such as 70 new nuclear reactors and 68 billion gallons of ethanol are produced.
Various projections of this bill show that not only will prices increase, Americans could lose jobs as industries struggle to keep costs down. I’m proud of the new era of manufacturing that Mississippi is entering. I don’t want Mississippians to lose jobs we have fought so hard to obtain. The Environmental Protection Agency and the Energy Information Administration suggest that this bill could reduce the United States’ gross domestic product by as much as 7 percent by 2050, and could reduce the United States’ manufacturing output by almost 10 percent in 2030. A reduction in output means that industry will need fewer workers in order to keep their costs down. A need for fewer workers will result in job losses, and unemployment rates in my State are already too high…”
Click here to continue reading Cochran’s remarks on the Climate Security Act of 2008.
Tags: Climate Security Act, Cochran, Energy, energy prices, gas, Mississippians, opposition, U.S. Senate floor speech
