EPA can impose some very heavy handed regulations on business and utility companies that will cost jobs and raise the price of energy. This will delight Obama's base and may or may not hurt Democrat incumbents who can have their cake and eat it too. They can decry the actions of the EPA and avoid taking a vote on the issue [in the Senate]. Cap and trade can be delayed giving all of the Dems an out prior to the midterms.
I don't care if Obama owns this or not. The issue is higher prices for energy, which in turn drive up the costs of goods and services. And we will see if this has electoral consequences in 2010.
Your right, kabar, the issue is higher prices for energy, but lets let Obama be the only one we have to point that finger at.
While they can impose costs, they have a more difficult time giving benefits and cash to favored groups. This limits their ability to create an entitled group that would fight overturning of the regulations. Cap&Trade, OTOH, WOULD create a group that would be making money off the situation, and would expend funds and energy to fight overturning it.