Creating a cap-and-trade system to regulate greenhouse gas emissions, as provided by draft legislation currently being examined by the US Congress, will only have a modest impact on the competitiveness of energy-intensive US manufacturers, according to a report published in May by the Pew Center on Global Climate Change. Manufacturing industries that use a large amount of energy to make their products would lose an average of 1% of their annual production to competing imports. This figure is based on a price of 15 US dollars per metric ton of carbon dioxide (CO₂), the leading greenhouse gas.