American Petroleum Institute says Ohio nuclear legislation would hurt oil, gas companies

The American Petroleum Institute (API) released a statement regarding new legislation in Ohio that could negatively impact oil and gas companies.

The legislation, Senate Bill 128, seeks to "subsidize nuclear power companies at the expense of Ohioans," the release said.

“When the government picks winners and losers in the energy markets, Ohio consumers pay the price,” API Ohio Executive Director Chris Zeigler said in the release. “Thanks to electricity markets and affordable natural gas, since 2008 Ohio’s wholesale electricity prices have decreased almost 50 percent. Subsidizing nuclear power distorts the market, increases costs to Ohioans and disadvantages natural gas generation."

Zeigler said if this bill passes, it would have a "chilling effect" on the state and it's "ability to take full advantage of our state’s abundant reserves of clean-burning natural gas that have put Ohioans to work and improved our state’s economy and environment."

Zeigler said he hopes lawmakers will vote against the proposal.