Skip to comments.Cap-And-Trade On Ice
Posted on 07/26/2010 6:07:51 PM PDT by Kaslin
Energy Policy: Senate Democrats have shelved job-killing cap-and-trade legislation, at least for now. Neither the political nor the Earth's climate suggests it's a good time to try to fool Mother Nature or the American people.
After a Thursday meeting with Senate Democrats, Senate Majority Leader Harry Reid has apparently dropped plans to pursue cap-and-trade before the August recess. He doesn't have the votes to overcome a GOP filibuster, and saving the earth from a phantom threat stands way below jobs on Americans' wish list. But watch out after November.
"What he suggested is that we move forward on several bills to address energy and the oil spill and then continue to work on the climate piece when we get back," Sen. Debbie Stabenow, D-Mich., said after the meeting in the Capitol.
The bill will not include a renewable-electricity production mandate that's been floating around the Senate in various forms and would boost power sources such as solar and geothermal that currently consume huge subsidies while contributing relatively little in terms of our energy mix.
The inconvenient truth is that the proposed Renewable Energy Standard (RES) is an economic catastrophe waiting to happen. The Heritage Foundation's Center for Data Analysis has crunched the numbers and found that at an RES would ( 1) raise electricity prices by 36% for households and 60% for industry; (2) cut GDP by $5.2 trillion between 2012 and 2035; (3) cut national income by $2,400 a year for a family of four; (4) reduce employment by more than 1 million jobs, and (5) add more than $10,000 to a family of four's share of the national debt by 2035.
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They’ll either resurrect and quickly pass Cap & Tax in the lame duck session after the November or they’ll use existing environmental legislation and Presidential decrees to accomplish the same result.
The EPA will accomplish much the same with new carbon emission standards. Enjoy your air conditioning while you can.
Air Conditioning?? If this cool weather keeps up we won’t need AC by next summer. For Sacramento, 78 degrees in July is cold!
Fear global cooling!
The D.C. machine has too much money to steal from us with Crap & Tax. It will be resurrected under another name.
The EPA will dictate it. Kongress is irrelevant!
Heck, SCOTUS ordered the EPA to regulate it because W refused (5-4).
Legislation at this point can only reduce the EPA's power.
After a Thursday meeting with Senate Democrats, Senate Majority Leader Harry Reid has apparently dropped plans to pursue cap-and-trade before the August recess. He doesn't have the votes to overcome a GOP filibuster
That’s right. The Chicago Carbon Exchange, and the Euro Carbon Exchange are the purpose of the charade known as the Obama Administration.