Circumventing Cap and Trade with an Another Bad Energy Bill
Nicolas Loris /
In the midst of a crisis in the Gulf, some Senators are making a final push to pass energy and climate legislation this year. Senators John Kerry (D–MA) and Joe Lieberman (I–CT) are introducing a scaled-back version of their original cap-and-trade bill but still want to maintain a carbon cap. Senate Majority Leader Harry Reid (D–NV) wants to bring an energy bill up for debate the week of July 26 that addresses the oil spill response and a greenhouse gas reduction plan for utilities only. A draft leaked from Senator Jeff Bingaman (D–NM) would go after utilities and aim to “cut emissions from the electric utility industry by 17 percent in 2020 and 43 percent by 2030.”
When asked if the bill would contain a cap-and-trade program, Senator Reid responded, “I don’t use that. Those words are not in my vocabulary. We’re going to work on pollution.” But this is not about pollution. Carbon dioxide is a naturally occurring component of the air and is also the ubiquitous and unavoidable result of fossil fuel production and other naturally occurring events. Any bill drafted by Congress that aims to reduce carbon dioxide and other greenhouse gas emissions translates into rising energy prices for energy consumers, lost jobs, and a slower economy.