My colleague, Myron Ebell, offers pungent commentary on the utility-industry witnesses at yesterday’s Senate Environment and Public Works hearing. All three utility execs want cap-and-trade–that is, they want a government-sanctioned carbon cartel that would transfer anywhere from $50 to $300 billion a year from electricity consumers to the lucky holders of carbon credits (see page 2 of this study by the Congressional Budget Office).
There used to be honor among thieves. But everything is changing in this crazy, mixed-up greenhouse planet of ours! As Myron shows, each of the testifying utility CEOs wants the allocation rules to profit his company at the expense of the other guy’s. Myron comments:
It’s going to be fun to watch the immense political pressures that are going to be put on Members of Congress by every special interest that hopes to make billions of dollars on the backs of American consumers from cap-and-trade. Fun, but not pretty.
To read the full text of Myron’s commentary, click