Under
the direction of Dr. Mary Novak, a team of economists from WEFA, Inc.
has prepared a detailed analysis of the national economic, industry and
energy sector impacts of the Kyoto Protocol plan to reduce carbon
emissions to 7% below 1990 level by the year 2010.
This study,
entitled "Global Warming: The High Cost of the Kyoto Protocol,"
concludes that achieving the Kyoto target through domestic actions
would:
Nearly double energy and electricity prices, and raise gasoline prices an additional 65 cents per gallon.
Cost 2.4 million US jobs and reduce US total output
$300 billion (1992$) annually, 3.2% below baseline GDP projections, an
amount greater than the total expenditure on primary and secondary
education.
Harm U.S. competitiveness, as developing countries will
not need to raise energy prices (or product prices) to meet mandatory
greenhouse gas targets.
Reduce the average annual household income by nearly
$2700, at a time when the cost of all goods, particularly food and
basic necessities, would rise sharply.
State tax revenues would be reduced by $93.1 billion
due to job and output losses attributed to lost US competitiveness in
the global market and higher energy costs
The report is available for review in several formats, including an HTML summary, a PDF file which provides a detailed overview of all national and state impacts, and individual PDF files that contain economic impact data for each state.
View National and State Impacts Report (PDF format)
State By State Impact Study