Recent Press Releases

WASHINGTON, D.C. —  Senator John Thune today expressed disappointment over the U.S. Senate's failure to pass a bipartisan measure that would have stopped the Environmental Protection Agency (EPA) from imposing a backdoor energy tax via regulation of greenhouse gases including carbon dioxide through the Clean Air Act. The amendment, sponsored by Minority Leader Mitch McConnell, failed by a vote of 50 to 50.

"For the past two years under the Obama Administration's watch, we have seen countless rules crafted behind closed doors through administrative rule-making that punish our nation's job creators and consumers," said Thune. "With approximately 14 million Americans out of work, the Administration's job-destroying policies, including cap-and-trade regulations, will further harm economic growth and job creation.

"Americans continue to feel the pain at the pump as the national average for gasoline approaches $4 per gallon, yet Senate Democrats seem content to turn a blind eye to the growing problem. Instead of joining with Republicans to stop the Obama EPA's costly national energy tax-which increases the price of domestic energy production and consumption, while stifling job creation and economic growth-my colleagues on the other side of the aisle have chosen to continue business as usual."

The McConnell amendment would not have impacted state greenhouse gas programs, fuel efficiency standards for cars and light trucks, or the Renewable Fuels Standard, and was originally introduced as a bipartisan stand-alone bill, the Energy Tax Prevention Act of 2011, which has 43 cosponsors including Thune. The U.S. House of Representatives is expected to vote on this bill as early as today.

The American Council for Capital Formation projects that the uncertainty created by EPA's climate change regulations would increase the risk premium of capital by 30 percent to 40 percent. The additional uncertainty is projected to reduce U.S. capital investment by as much as $400 billion per year and destroy 1.4 million jobs by 2014.

An Affordable Power Alliance study estimates that the new climate change regulations could increase the cost of gasoline by 50 percent, electricity by 50 percent, and natural gas by 75 percent over the next 20 years. As a result, by 2030 average household income could be reduced by about $1,200 annually.