WASHINGTON — The National Association of Manufacturers (NAM) spoke out against proposed Congressional energy legislation, noting the projected loss of 5 million jobs and 4 percent gross domestic product reduction by 2030 expected to result from the bills' implementation.
A study by Charles River Associates assessed provisions in the bills, including a mandatory oil savings program, a renewable fuels standard, oil industry tax increases, a "price gouging" provision, a renewable portfolio standard for the electric power sector, more stringent CAFE standards and various proposed access restrictions on domestic production of oil and natural gas.
"The CRA study vindicates what the NAM has been saying about proposed Congressional energy legislation: in their current form, these bills are bad for manufacturers and bad for the U.S. economy," said Keith McCoy, NAM vice president for energy and resources policy.
The proposed legislation also would diminish the American household's annual purchasing power by $1,700 and reduce aggregate investment by 3.4 percent, according to the NAM.