CEA Commends New Hampshire Senate Passage of HB 1487
Bill will prohibit funding for costly low carbon fuel standards without legislative due process
WASHINGTON – Earlier today, the New Hampshire Senate passed HB 1487, an act that will prohibit the State from funding participation in any national, state or regional low carbon fuel standard (LCFS) without legislative approval.
Upon the announcement, Michael Whatley, Executive Vice President of the Consumer Energy Alliance, made the following statement:
“Today’s vote by the New Hampshire Senate is a victory for energy consumers in the Granite State. With recent studies indicating that a regional LCFS would more than double gasoline prices in New Hampshire, reduce disposable income, hammer the State’s GPD and threaten thousands of jobs, passage of this legislation is a win for New Hampshire drivers and home heating oil users.
“On the heels of a winter with record home heating oil costs, and in the midst of record spring gasoline prices, consumers should not be asked to pay more to take care of their families, heat their homes, and drive to work. We hope that the Legislature will be able to work out the differences between the House and Senate versions of the bill quickly and send it to Governor Lynch shortly.
A recent report by Consumer Energy Alliance, with modeling conducted by SAIC, found that a Northeast/Mid-Atlantic LCFS would have a costly impact on all eleven states within the region including a cumulative loss of 147,000 jobs, an overall 10-year economic impact of $306 billion, and a doubling of gasoline prices—all while failing to reach standard’s intended carbon reduction goal.
A copy of the bill can be found here.
A copy of the report from CEA can be found here.