Report: EPA Climate Rule Will Cripple Coal Industry, Cost 224,000 Jobs
Michael Bastasch
FreedomOutpost.com
May 31, 2014
The Environmental Protection Agency’s upcoming climate rule will result in a massive decline in coal-fired power generation that will increase electricity bills and eliminate hundreds of thousands of jobs, according to a report from the U.S. Chamber of Commerce.
The White House is preparing to unveil what could be the costliest environmental regulation ever next week. The rule would limit carbon dioxide emissions from existing power plants, which could result in more coal-fired power plants retiring and layoffs.
The EPA and environmentalists have tried to argue that the rule would be “flexible” and impose cost-effective emissions reductions on the country’s 1,500 operating power plants. But the U.S. Chamber of Commerce study paints a different picture.
The Chamber found that the new EPA climate rule could cost the economy more than $50 billion per year and will dramatically reduce coal-fired power consumption. The report says that an additional 114 gigawatts of coal power could be shut down by 2030 — about 40 percent of existing coal capacity.
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