Report: EPA Climate Rule Will Cripple Coal Industry, Cost 224,000 Jobs

If this happens again the cost of Electricity will SKYROCKET as Obama Stated when he was Campaigning and nobody Cared.............Sad!
Remember this Clown cares for the middle class but he gets rid of energy Jobs!

Barack Obama Admits: Energy Prices Will Skyrocket Under Cap And 

Trade

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.

Coal’s share of electricity generation falls from 40 percent last year to only 14 percent in 2030. With this decline in coal-fired power comes huge increases in power prices. Americans will pay $17 billion more per year in electricity as coal-fired power is retired.

Moreover, this means huge job losses in the coming decades. The Chamber predicts that U.S. economy will average 224,000 fewer jobs between 2014 and 2030. Employment losses are expected to peak at 442,000 jobs in 2022.

But these effects will not be felt evenly throughout the country. Regions of the country that are more reliant on coal power will feel the brunt of the negative economic impacts of the EPA’s new climate rule.

“Overall, the South Atlantic will be hit the hardest in terms of GDP and employment declines. Its GDP losses make up about one-fifth of total U.S.,” the Chamber’s report predicts. “This region also will have an average of 60,000 fewer jobs over the 2014-30 forecast period, hitting a 171,000 job loss trough in 2022.”

Read more: http://dailycaller.com/2014/05/30/report-epa-climate-rule-will-cripple-coal-industry-cost-224000-jobs/#ixzz33QuvU13L

http://townhall.com/news/politics-elections/2014/06/01/epa-seeks-to-cut-earthwarming-pollution-from-nations-power-plants-by-30-percent-by-2030-n1846269