Obama’s First Six Months: Hitting Americans at the Pump & in the Wallet

WASHINGTON, DC – Americans for Tax Reform (ATR) highlights the President’s first six months of limiting energy production, increasing American families’ utility bill and making energy more expensive.

•    Cap-and-Trade will increase American unemployment by 2 million jobs in 2012, and reach 2.5 million by 2035.

•    Direct energy costs will go up $1,500 per year for the typical family of four.

•    From 2012-2035, a family of four will see its direct energy costs rise by $22,800.

•    Even with a 26% reduction in use, electric bills will be $754 higher in 2035 than in the absence of Waxman-Markey, and $12,200 higher in total from 2012 to 2035.

•    Even with a 15% decrease in gas consumption – prices will still go up! A family of four will still pay $596 more in 2035 and $7,500 more in total from 2012 to 2035.

•    There are currently 14 states that produce less than 1% of their energy from governmental defined renewable sources. The Renewable Portfolio Standard (RPS) mandates that this number be 10% nationally by 2012, an unachievable number.

•    Under RPS the majority of American families will see at least a $150 increase (or roughly 10%) in their annual energy bill.  Families residing in southeastern states will see the largest increases.

•    The Corporate Average Fuel economy (CAFE) forces automakers to produce smaller and lighter cars. The National Highway Traffic Safety Administration (NHTSA), estimated that these lighter cars will increase American traffic fatalities by almost 40,000.

•    Waxman-Markey will drive up the national debt 26 percent by 2035. This represents an additional $29,150 per person, or $116,600 for a family of four.

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