Skip to comments.Climate law seen raising gasoline 13 cents a gallon
Posted on 11/03/2009 5:12:41 AM PST by Oldeconomybuyer
NEW YORK (Reuters) - U.S. climate legislation would hike gasoline prices about 13 cents a gallon as oil companies push the price of carbon permits on to consumers, according to report by Point Carbon, an independent consulting company that tracks global carbon and energy markets.
Point Carbon analyst Emilie Mazzacurati said oil companies would face substantial carbon permit costs under the legislation because they would get few of the permits the government would distribute to companies during the first years of a cap-and-trade program.
But that should not hurt integrated oil companies very much, she said, because they could largely pass the costs on to consumers in the form of higher fuel prices.
(Excerpt) Read more at reuters.com ...
I’m betting it will be closer to $2!
Duh. Corporations do not pay taxes. Legislation which levies taxes on corporations simply succeeds in passing those costs to the consumers. Every corporate tax is a tax on the man in the street.
If Reuters says $.13 a gallon it will be more like %$5 a gallon. The euro libs and US libs who admire them just can’t stop resenting the fact that the USA folks don’t pay $8-$11 for a gallon of gasoline like the european sheeple do
More like 1 to 5 dollars per gallon.
I have ALREADY lost my job in the American oil and gas industry, while Obama pours US taxpayer billions into BRAZILIAN drilling! Thanks a lot, Congress!
Im betting it will be closer to $2!
Times the billions and billions of gallons consumed...my calculator can't even begin to go there.
A. That is a first year estimate only, which does not include the more draconian effects of the proposed legislation in future years.
B. Point Carbon is an investment-company-owned "advisory" group headquartered in Norway that seeks to promote carbon credit trading, on which they hope to invest and profit.
For what it's worth: among their owners are Oak Investments (a European-based venture capital company), JP Morgan (the huge investment firm) as well as a Japanese utility, a Japanese bank, and a Norwegian media company.
At least $1.10/gallon.
Someone droped zero and move a decimal point.
And your wager is entirely accurate, too.
If the Obama admin goes forward with this, and I’ll bet The Great Spreader would love to, you’ll see his numbers drop even further. He’ll try to blame Bush for this one too. But it won’t wash. He might try to wait until after next years elections...or even after the 2012 election. If he can get re-elected which might seem doubtful.
Whatever the left and their friends estimate, you can safely multiple that by 3 to 10 times to get an accurate estimate.
Cap and tax will double your electric bills, double the cost of natural gas, and add at least $1 per gallon of gas.