StanCollender'sCapitalGainsandGames Washington, Wall Street and Everything in Between



Earth Day, And A Sensible Energy Policy Remains Far Away

22 Apr 2009
Posted by Pete Davis

Today is Earth Day 2009.  President Obama pushed green jobs and a new wind initiative in Iowa, and Congress held lots of hearings, but a sensible energy policy remains far away.

The question is how can we reduce greenhouse gas emissions, make ourselves less dependent on foreign oil, and promote a stronger economy.  The answer is obvious to most economists -- raise the relative price of carbon and return to the revenues to those most adversely affected.

Although the House may adopt a carbon cap-and-trade bill this summer, the Senate has already rejected any movement in that direction.  On April 1, by a 67-31 vote, the Senate adopted Senator Mike Johanns' (R-NE) amendment to the budget resolution rejecting the use of reconciliation to help pass a carbon cap-and-trade bill.  That effectively doomed the bill for this year.

The only way the Senate will budge on raising carbon prices is if environmentally concerned Americans apply sufficient pressure to make it happen.

 

 



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