NAM: House bill will cost jobs and raise energy prices

National Association of Manufacturers (NAM) president and CEO John Engler issued a statement July 30 following the House of Representatives’ vote on H.R. 3534, the Consolidated Land, Energy, and Aquatic Resources Act of 2010:

“We are disappointed that the House bill sets an unattainable level of insurance coverage for domestic energy producers on the Outer Continental Shelf. By eliminating the liability cap of $75 million, the bill would effectively retain the moratorium on offshore drilling and force the vast majority of American companies out of U.S. waters. Every day, this drilling moratorium continues is a further setback for our nation’s energy security and independence. Manufacturers who make and supply equipment, services, engines, boats and materials such as steel and concrete will soon feel massive economic consequences from the moratorium. At a time when our nation is struggling to recover from the recession, this legislation will drive up energy prices for consumers and manufacturers. Today’s Gross Domestic Product (GDP) economic report shows our recovery is slowing down, and our nation simply cannot afford more uncertainty. Manufacturers support energy policies that expand domestic supplies in an environmentally safe way and lower costs for U.S. consumers and manufacturers. Access to competitively priced energy helps U.S. companies compete in the global economy and preserves high-paying jobs here at home. We will continue to work with Congress to craft policies that create jobs and promote our energy security and independence, not kill jobs and hurt our economy. The NAM sent a Key Vote letter on this issue today, which can be viewed at www.nam.org.”

The National Association of Manufacturers is the nation’s largest industrial trade association, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information, visit www.nam.org.