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Beware of Cap and Trade Climate Bills
America's Climate Security Act of 2007 (S. 2191), sponsored by Senators Joseph Lieberman (I-CT) and John Warner (R-VA), is the latest and fastest-moving "cap and trade" bill introduced in Congress this year. All such climate change measures warrant careful scrutiny, as they would likely increase energy costs and do considerably more economic harm than environmental good.
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Replies to This Discussion
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Permalink Reply by Erica Kelli on -
Has Obama’s personal charm actually blinded people to the extent that we’ll accept this kind of government control over everything? Obama is not stupid. HE DOES NOT CARE ABOUT THE ECONOMY except how it might affect his popularity rating, which his teleprompter can help him with. If Obama’s plans, particularly health insurance
and cap and trade, take effect, there truly is going to be a financial collapse because the free market will be effectively just about gone. Obama is not stupid, but too many people are misled and grievously ill-informed. The cap and trade proponents make this issue look complicated, but it is really quite simple.
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Permalink Reply by Anjali Evelin on -
As pointed out by the Heritage Foundation, the vaunted Kyoto protocol, if followed, would only reduce earth’s temperature by such a miniscule amount it could not be measured.
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Permalink Reply by Mallory Carolyn on -
It’s almost as if the Democrats are trying to bankrupt us all. First, the massive porkulus package, which has been a joke; secondly, socialized medicine, which will cost a fortune; and let us not forget that they are eager to pass the Cap and Trade bill, which should, in fact, be renamed as the “Cap and Tax” bill.
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Permalink Reply by Jonas quintin on -
Carbon dioxide is the unavoidable byproduct of fossil fuel combustion, which currently provides 85 percent of America's energy. Thus, it will be very costly to move away from this preferred energy source, and especially doing so as expeditiously as S. 2191 requires. A study by Charles River Associates puts the cost (in terms of reduced household spending per year) of S. 2191 at $800 to $1,300 per household by 2015, rising to $1,500 to $2,500 by 2050.[2] Electricity prices could jump by 36 to 65 percent by 2015 and 80 to 125 percent by 2050.[3] No analysis has been done on the impact of S. 2191 on gasoline prices, but an Environmental Protection Agency study of a less stringent cap and trade bill estimates impacts of 26 cents per gallon by 2030 and 68 cents by 2050
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Permalink Reply by Alanis Deasia on -
These measures would set a limit, or cap, on carbon dioxide emissions from fossil fuel use. The effect of such a cap would be to impose rationing of coal, oil, and natural gas on the American economy. Each covered utility, oil company, and manufacturing facility would be given allowances based on past emissions or some other formula. Those companies that emit less carbon dioxide than permitted by their allowances could sell the excess to those that do not; this is the trade part of cap and trade. Over time, the cap would be ratcheted down, requiring greater cuts in emissions.
Each proposal differs from the others on specifics: the stringency of the cap, the number and type of companies covered, the ground rules for allocating and trading allowances, and other details. S. 2191 is, in several respects, more stringent than other cap and trade bills. Its requirement that emissions decline to 15 percent below 2005 levels by 2020--even in the face of a growing population and rising energy demand--sets a very difficult target.[1]
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Permalink Reply by Lara Haven on -
Obama’s plan, as outlined in his budget here (PDF p. 21), calls for returning most of the auction revenues to consumers via a tax credit. The leading cap and trade proposal on Capitol Hill, a draft bill from Rep. Henry Waxman (D-Calif.), leaves open the possibility of allocating emission permits to utilities for free. In other words, the Obama and Waxman plans would not result in such dramatic results for consumers.
I’ll be reporting in more detail on Edelston’s report in the future. It needs careful analysis, not careless or manipulative reporting.
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