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The U.S. House of Representatives may vote this Friday on the “American Clean Energy and Security Act of 2009” (the Waxman-Markey bill). We need the many voices of the Partnership for America’s Energy Security to write and call your legislators, urging them to oppose this harmful and misguided legislation.

Addressing climate change is an important issue, and the U.S. oil and natural gas industry has made substantial commitments to reducing greenhouse gas emissions. The industry supports balanced legislation to reduce greenhouse gases and replace the patchwork of state and federal regulatory programs, but the Waxman-Markey bill is not the answer. This hastily drafted legislation would:

Significantly increase consumer and business costs for gasoline and other fuels;

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Representatives Henry Waxman (D-CA) and Ed Markey (D-MA) modified their global warming proposal from the draft version published on March 31. For the most part, the changes focused on the distribution of the allowance revenue–the equivalent of tax revenue.

There was also a slight easing of targeted emissions reductions for 2020, which resulted in a marginally lower economic impact. However, the new distribution of allowances created a less efficient pattern of government expenditures and more than offset the gain from the lower cap for 2020.

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