Cap-and-Trade Is Back – like Obamacare it just won’t die

May 10, 2010 08:25


On Wednesday, Senators John Kerry (D-MA) and Joe Lieberman (I-CT) plan to introduce legislation designed to inflate the cost of energy, strain family budgets, and decimate America’s manufacturing sector — all in the name of supposedly saving the climate

By Brian Sussman at American Thinker


Kerry and Lieberman have been revamping legislation that narrowly passed the House of Representatives last year. The House bill imposes oppressive limits on carbon dioxide (CO2) emissions and establishes a complex cap-and-trade scheme in which the federal government determines how much CO2 a business may emit. If a business exceeds its allowance, it may purchase additional “carbon credits” from an exchange, where the credits will be traded like a commodity. Rules for the exchange of carbon credits, including the trading of carbon derivatives, are addressed in the House bill, and my sources tell me that the Senate version will include these same stratagems.

In an e-mail sent to the media last week regarding their plans, Kerry and Lieberman said, “We can no longer wait to solve this problem which threatens our economy, our security and our environment.”

My insiders also say the new Kerry-Lieberman proposal will keep the House bill’s goal of attaining a 17-percent reduction of greenhouse gases (below their 2005 level) by 2020. Apparently the Senate bill will allow cap-and-trade to hit power companies first, and then within six years include the manufacturing sector.

The new bill apparently calls for more loan guarantees to build nuclear plants and grants U.S. coastal states a share of the revenue produced by any expansion of offshore oil and natural-gas drilling.

This is a bill that will cause all of us to suffer great loss.

Presently, 40 percent of CO2 emissions in the United States are derived from electricity generation, 35 percent from transportation, and 25 percent from business, industry, and natural gas to heat homes.

So where will the 17% cut come from, especially given that (according to U.S. census projections) there will be an additional 30 million people in the United States by 2020? If the cuts are distributed proportionately, the biggest blow will be to electricity production. Since 50 percent of our nation’s electricity is derived from coal, that industry and its customers will be hit hardest. Coal plants are going to have to be shuttered. And what will replace that energy resource? Nothing.

FULL STORY



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