The Environmental Protection Agency (EPA) had proposed new standards in the US of air quality for Ozone to 60 to 70 parts per billion from 75 parts per billion, which could reduce the levels of smog emitted currently.

But the American Petroleum Institute has cautioned that it is restrictive and the new ozone standards could have an impact on the American economy. These new ozone standards could cost the oil and gas industry almost seven million jobs and about $ 10 trillion dollars in all. The group is also blaming EPA for revising the rules before the five-year limit as is required by law.

In a study funded by API, it was revealed that most U.S counties will not be able to meet the new limit set by the EPA while also costing the industry at least $ 1 trillion every year. API has said it would be better if the government agency would bring these new standards up for review once five years are completed. In response to this, the Obama administration has clearly rejected the API’s estimate of costs since estimates made by previous lobbyists have exaggerated on the numbers.

The EPA has made its intention very clear by saying, “This is simply a repetition of a tired dance, where lobbyists get paid a lot of money to make doomsday predictions about the impact of EPA’s efforts to protect Americans’ health.”

And while the EPA is in the process of detailing out (and announcing) the new standards as soon as it is ready, their estimate indicate the cost that utilities and oil companies will have to bear in the sum of about $ 90 billion but will also save anywhere between $ 13 to $ 100 billion dollars for missed work days and medical expenses.