EPA estimates Kerry-Lieberman energy bill would cost households $80 to $150 a year

Environmental Protection Agency analysis of the Senate cap-and-trade bill proposed by Sens. John Kerry and Joe Lieberman says the bill will cost households between $80 and $150 annually over the next 40 years. The senators say the long-awaited EPA modeling, along with President Obama's push for an energy bill during last night's Oval Office address, will help boost Senate momentum for passing a climate bill, Robin Bravender of Environment & Energy Daily reports.

"This model confirms what we have known all along, and what Senator Lieberman and I have been saying to you would be the final result of this legislation," Kerry said. "A well-designed climate change and energy legislation is good for American consumers." Not everyone agreed with the analysis. "The American people overwhelmingly oppose an increase in the gas tax -- yet, it's included in this legislation," Thomas Pyle, president of the Institute for Energy Research, told Bravender. "We can argue about how high the costs of this legislation will be, but no one denies that the consumer will end up with less money in their pockets after this legislation is signed into law." (Read more, subscription required)