Claim:
“The CBO and API say that gas prices are going to go up 77 cents a gallon” — Rep. Fred Upton (R-MI), 6/26/09
Truth:
American Petroleum Institute (API) does say the CBO analysis ‘suggests’ gas prices would rise 77 cents a gallon.
Unfortunately, the CBO report doesn’t actually say anything of the kind — or ‘suggest’ it — or refer to it at all, really.
It’s not clear where API got this, but it’s certainly a shame Rep. Upton fell for it. A better estimate, from the EPA analysis, suggests gas prices will rise two-cents a year as a result of ACES. That’s nothing compared to the astronomical jumps in prices that brought us $4-dollar-a-gallon gas last year.
Maybe API has more information on those increases — since they do represent the oil and gas industries.