EPA Gives Low Estimate for Climate Bill Cost

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The Environmental Protection Agency (EPA) said the Senate's plan to tackle global warming will only cost a typical household about $100 a year.
That is one of the lowest estimates yet for the cost of the "Cap and Trade" bill which aims to control global temperatures by taxing greenhouse gas emissions. The bill also calls for shifting energy use away from fossil fuels.

The Congressional Budget Office had previously estimated a household cost of $175 a year, while others say the cost could be as much as $3,000 a year.

Some experts believe the most credible figure is $1,200 to $1,300 a year per household.

On Friday, President Obama spoke on the global warming issue at the at the Massachusetts Institute of Technology in Boston.

"There are those who will suggest that moving toward clean energy will destroy our economy, when it's the system we currently have that endangers our prosperity and prevents us from creating millions of new jobs," Obama said.

Opponents of the climate bill say it will create massive increases in energy tax.

Republican Senator James Inhofe of Oklahoma said the bill should be reviewed more carefully.

"One would think that, prior to legislative hearings, the committee would have a thorough, comprehensive economic analysis to understand how an 800-plus page bill, designed to fundamentally reshape the American economy, affects consumers, small businesses, farmers, and American families," he said in a statement.

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