Wealth Transfer

Current climate change legislation places a burden on states like Pennsylvania that depend on fossil fuels for electricity and jobs, while benefiting states like Massachusetts and California, who depend little on fossil fuels. The result is an unfair transfer of wealth from Pennsylvania to the east and west coasts.

Under the bills, coal mining will be hit hard as will our emerging natural gas industry including the promising development of the Marcellus Shale, potentially the largest gas reserve in the country. And, because 63 percent of our state’s power comes from fossil fuels, Pennsylvania will be significantly affected by energy rate hikes.

In addition to transfer of wealth between states, these bills will also cause American wealth to flow overseas. As the cost of manufacturing goods in the United States increase due to rising energy costs, companies will send more jobs to countries like China and India with lower energy rates.

Quick Facts

• Pennsylvania has the highest emissions per dollar of economic activity in the United States – and faces the great challenge of reducing them to meet the requirements of these bills.
• These bills could mean a reduction of as much as $358 billion to Pennsylvania’s gross state product (GSP)
• These bills could reduce our gross national product by $9.4 trillion.