Cap-and-Trade Could Push Gas Prices Up $5: Senators

According to Senators James Inhofe (R-Oklahoma) and Jeff Sessions (R-Alabama) prices at the pump could rise dramatically –perhaps as much as $5 a gallon– if the proposed “Lieberman-Warner Climate Security Act” (S. 2191) becomes the land of the land, the Business & Media Institute reports. From that report:

“The studies show it would be directly affected, would be a $1.50 a gallon, in addition to what it is today,” Inhofe, the ranking Republican on the Senate Environment and Public Works Committee, said to (BMI).

Inhofe spoke at a press conference at the National Press Club in Washington, D.C. on May 15 to introduce the “We Get It!” campaign – a program founded by evangelical Christians that question the merits of global warming alarmism. According to Inhofe, the bill will make it to the floor of the Senate on June 2.

“So now I think we need to concentrate on what it will cost the American people,” he said during the press conference. “To try to put it in a perspective people understand, if we had ratified, according to the Wharton School of Economics, the Kyoto Treaty, back five years ago, it would have cost about – between $300 and $330 billion – that was the range they had. This bill that’s up today is $471 billion – far more than that. And the question is, what do you get for it?”

Sessions, a member of the Senate’s Committee on Energy and Natural Resources, went a step further. He cited sources that suggest the increase could be as much as $5 a gallon.

“[L]et me tell you what’s heading down the tracks,” Sessions said to BMI on May 14. “In a few weeks, we expect that the cap-and-trade legislation that’s been voted out of Sen. Barbara Boxer’s (D-Calif.) Environment and Public Works Committee will be on the floor and according to the Environmental Protection Agency it will increase gas prices by $1.50. The National Association of Manufacturers [links to PDF] says it will increase it as much as $5 per gallon.”

Inhofe said the full Senate will begin considering the bill on June 2.

(Note: Capital Research Center does not take positions on bills pending in Congress.)