WASHINGTON, DC –Today, Americans for Tax Reform (ATR) praised Senate Energy and Natural Resources Chairman Domenici (R-NM) for his statement in opposition to Senator Bingaman’s amendment for mandated restrictions in greenhouse gas emissions.
Senator Bingaman’s plan, based on recommendations by the National Commission on Energy Policy (NCEP), would create a cap-and-trade system between facilities for carbon usage. The Energy Information Administration estimates that the cost of the NCEP proposal would be $331 billion between 2010 and 2025. Legislation by Senator Lieberman (D-CT) and Senator McCain (R-AZ) is on the table once again and comes with even greater regulation and a loftier price tag for taxpayers and businesses alike.
“The Senator should be commended for his prudent judgment in opposing mandates such as his New Mexico colleague’s and that of Senators Lieberman and McCain” said Grover Norquist, President of Americans for Tax Reform. “Isn’t it ironic that the Senate is debating amendments that will increase energy costs to an energy bill that is intended to lower costs for consumers?”
As the Congressional Budget Office (CBO) reported in 2001, “the economic impacts of cap-and-trade programs would be similar to those of a carbon tax: both would raise the cost of using carbon-based fossil fuels, lead to higher energy prices, and impose costs on users and some suppliers of energy.”
“Now that the Chairman has voiced his opposition, it is now imperative that the full Senate vote against both amendments,” Norquist continued. “Measures such as these are the Pandora’s box to a future of overregulation and big government.”