The news this morning on Fox, CNN, and MSNBC all reported that the next initiatives of the Obama Administration would be illegal immigration and the energy bill, i.e. CAP and TRADE. Harry Reid has said the Senate will probably deal with Cap and Trade first.
Proponents of Cap and Trade say it is essential to combat climate change, promote research and production of clean energy, and develop new technologies.
Opponents cite severe economic consequences, loss of American (or other national) sovereignty, and more infringement of choices, options, opportunities (i.e. rights.)
Keeping it civil will be much appreciated but discuss.
Some initial food for thought (excerpted):
Proponents of Cap and Trade say it is essential to combat climate change, promote research and production of clean energy, and develop new technologies.
Opponents cite severe economic consequences, loss of American (or other national) sovereignty, and more infringement of choices, options, opportunities (i.e. rights.)
Keeping it civil will be much appreciated but discuss.
Some initial food for thought (excerpted):
President Obama's budget numbers depend heavily on revenues from a proposed cap-and-trade program for reducing carbon dioxide emissions. Under the plan, these revenues will come at the cost of higher energy prices, with some states being affected far more than others.
Credit: Technology Review
The cap-and-trade program does not yet exist: it will need to be established in future legislation. But the inclusion of future revenues in the budget, and a promise to pursue necessary legislation, is the strongest commitment yet that the administration will follow through with one of Obama's campaign promises and establish a cap-and-trade system for carbon dioxide emissions.
Under such a system, the government sets an annual cap on carbon dioxide emissions--the budget calls for a cap of 14 percent below 2005 emissions levels by 2020, and 83 percent below 2005 levels by 2050. The government then issues a set number of credits for the total emissions allowed under that cap. Under Obama's plan, those credits won't be given away, as they were in the initial version of a cap-and-trade system employed in Europe. Instead, the credits will be auctioned off, and that money will be the source of government revenue. Polluters will be required to buy enough credits at the initial auction to cover their carbon dioxide emissions, or acquire more by trading with others at a later stage. Alternatively, they can reduce their emissions by investing in more efficient technologies. Either way, these costs will result in higher energy prices.
The budget includes $78.7 billion in projected revenues from the cap-and-trade system in its first year, 2012, and $525.7 billion total by 2019.
Technology Review: The Real Price of Obama's Cap-and-Trade Plan