January 2008

Trends and Resources

HP Impact: API: Costs of biofuels to reverberate negatively throughout US economy

Pending energy legislation in the US Congress would likely have significant adverse effects on the economy and consumers—including 5 million lost jobs and $1 trillion in lost economic output, acc..

Weirauch, Wendy, Hydrocarbon Processing Staff

Pending energy legislation in the US Congress would likely have significant adverse effects on the economy and consumers—including 5 million lost jobs and $1 trillion in lost economic output, according to a report released by API. The study has analyzed the potential economic impacts of energy legislation currently being considered. The analysis—prepared by CRA International and sponsored by API—assesses how this legislation would affect key performance metrics of the US economy. The report finds that the proposed energy legislation would have significant adverse impacts. Specific findings include: • Additional taxes on the oil and natural gas industry, combined with

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