The “One Big Beautiful Bill Act” (OBBA) was signed into law on July 4th. The final legislation contains policies that would increase oil and gas leasing, cut fossil fuel royalty rates, repeal clean energy tax credits, and delay funding for agricultural and forestry conservation. The law will harm America by cutting new electricity capacity additions, increasing consumer power prices, and reducing U.S. GDP and job growth:
- Power generation capacity will fall 340 gigawatts by 2035, raising costs to meet growing demand and damaging industrial competitiveness
- Wholesale electricity prices will increase 25 percent by 2030 and 74 percent by 2035; electricity rates paid by consumers will increase between 9-18 percent by 2035
- Household energy costs will increase $170 annually by 2035
- America loses $980 billion in cumulative GDP through the budget reconciliation window
- Workers suffer 760,000 lost jobs by 2030
By average ranking for household energy cost increases and population-weighted job losses, the five biggest losers from OBBA’s passage include:
- South Carolina
- Florida
- Texas
- Kentucky
- North Carolina
