Harry Reid’s “Smaller” Energy Bill Would Come with Big Costs
Nicolas Loris /
Senator’s John Kerry (D-MA) and Joe Lieberman (I-CT) are set to release the Senate version of a cap and trade bill tomorrow that will call for a 17 percent cut in emissions below 2005 levels by 2020. But if cap and trade cannot garner enough support, Senator Harry Reid (D-NV) is prepared with a backup plan. Over the weekend Senator Reid told Spanish television network Univision, “I can do one this big because I have a couple of Republicans who would help me on that. But the big bill that we need to do, they are not helping us on that, but I can do a smaller energy bill.” The Hill reports that this could include a number of provisions, above all, a renewable electricity standard. This may be small in Senator Reid’s eyes, but the cost to American families and American businesses will be enormous according to a new study from The Heritage Foundation.
A renewable electricity standard (RES) mandates that a growing percentage of electricity would have to be produced by approved renewable energy sources, which means it will force costlier energy on the American people and consequently weaken the economy. After all, there’s a reason why wind and solar energy only supply a small fraction of America’s electricity demands: it’s too expensive to compete with more reliable sources. According to the Heritage study, “A Renewable Electricity Standard: What It Will Really Cost Americans,” household electricity prices will jump 36 percent by 2035. (more…)