The Energy Information Administration (EIA) recently completed an analysis of S. 139, a climate change bill sponsored by Sen. Joe Lieberman (D-Conn.), and cosponsored by Sen. John McCain (R-Ariz.), along with 5 others. Simply put, S. 139 would implement the Kyoto Protocol, the flawed, unworkable international global warming treaty that the Senate effectively rejected, 95 to 0. EIA found that S. 139, just like Kyoto, would have disastrous effects on the U.S. economy.
And to what end? What are the benefits? It's instructive to look at Kyoto to answer this question. Dr. Tom Wigley, a senior scientist at the National Center for Atmospheric Research, found that if the Kyoto Protocol were fully implemented by all signatories, it would reduce temperatures by a mere 0.07 degree Celsius by 2050, and 0.13 degree Celsius by 2100. Such an amount is so small that ground-based thermometers cannot reliably measure it.
Wigley's findings have been widely confirmed by many scientists, including Dr. James Hansen of NASA, considered the father of global warming theory, who said Kyoto will have "little effect" on global temperatures. In short, just like Kyoto, Lieberman-McCain will bring no environmental benefits, but will impose huge costs.
For the next several days, the EPW Committee will highlight EIA's analysis of S. 139 and what it means for energy security and economic well being. The following is the first installment:
According to EIA, S. 139 will increase natural gas prices 16 percent in 2010 and 46 percent higher in 2025.
EFFECT: On March 11, 2003, Jeff Uhlenberg told a Capitol Hill news conference that his metal heat-treating operation in Philadelphia is "being killed by natural gas prices." Lieberman-McCain, because of its effect on natural gas prices, will exacerbate an already difficult situation for many manufacturers. Uhlenberg, president of Donovan Heating, said, "American manufacturing overall is in crisis for a number of reasons right now. We can't raise our prices due to pressure from low-cost foreign competition. And small businesses like mine are struggling to maintain jobs as energy costs are climbing out of reach...smaller and bigger manufacturers across the country are going to be put out of business."
Sen. George Voinovich told a similar story during EPW's April 8 Clear Skies hearing: "I recently met with a group of Manufacturers in my hometown of Cleveland. I was shocked when two of them told me that they were seriously considering moving their operations overseas because of high energy prices."
