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An analysis of Cap & Trade - The House and Senate bills

An analysis of Cap & Trade - The House and Senate bills. Controlling the unnatural warming of the earth due to human-caused emissions of carbon dioxide (CO2). Both bills are very similar in nature with their unique differences noted. House Bill - H.R. 2454

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An analysis of Cap & Trade - The House and Senate bills

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  1. An analysis of Cap & Trade -The House and Senate bills Controlling the unnatural warming of the earth due to human-caused emissions of carbon dioxide (CO2). Both bills are very similar in nature with their unique differences noted.

  2. House Bill - H.R. 2454 The American Clean Energy and Security Act of 2009 by Henry Waxman & Greg Markey

  3. Senate Bill - S. 1733 The Clean Energy Jobs and American Power Act by John Kerry & Barbara Boxer

  4. House Bill - H.R.2454 2012 - 3% below 2005 levels 2020 - 17% below 2005 levels 2030 - 42% below 2005 levels 2050 - 83% below 2005 levels Senate Bill - S. 1733 2012 - 3% below 2005 levels 2020 - 20% below 2005 levels 2030 - 42% below 2005 levels 2050 - 83% below 2005 levels The Goal:The reduction of manmade CO2 emissions- The minimum that scientists agree is necessary to prevent dangerous climate change

  5. Implemented by a Cap & Trade System • The Government will create and distribute “allowances” (a permit to pollute) equal to the number of tons of allowed emissions under each cap. One allowance equals one ton of CO2 emissions. • Each year the number of allowances decreases. • Program begins for: Electricity in 2012, industrial sources in 2014, and natural gas and local fossil fuel distribution in 2016. (HR. 2454). Not specified in S. 1733 • Less than 2% of businesses affected per Kerry-Boxer.

  6. How the allowances will work • Allowances are to be submitted by a business to the Government at the end of each year and must equal its emissions for the year or face regulatory penalties. • Allowances are obtained: (a) free from the Government and then sold, (b) purchased in a Government auction, or (c) acquired from another company. • At first, the Government gives away 85% of allowances to promote groups who support its goals. Those who receive them are non-polluters. The rest go to auction. By 2050, 85% of allowances are auctioned. (HR. 2454) The quantity is not specified in S. 1733.

  7. How the allowances will work (cont.) • An allowance allocation program (for how many allowances a particular industry may have) will be created for production of domestic fuels. Allowances for cogeneration is also limited. There are rebates available in the industrial sector for pollution reduction costs. (S. 1733) • H.R. 2454 allows for the retaining of unused allowances and limited future borrowing, if needed. • Funds from Government auctions can be set aside for deficit reduction. A quantity of allowance can be set aside in a reserve then sold to stabilize carbon prices. (S. 1733)

  8. Carbon Pricing Limits - The cost to purchase an allowance(Found only in S.1733) • Beginning 2012, price range limits to purchase an allowance will be set at $10 minimum and $28 maximum. • From 2013 to 2017, the price range limits will be the prior year price + inflation + 5%. • From 2018 and beyond, the price range limits will be the prior year price + inflation + 7%.

  9. Credits - Carbon Offsets & Renewable EnergyCredits for reducing greenhouse gases in unregulated areas or storage of CO2, and using renewable energy. • A limited number of offset credits will be available for agriculture, forestry, and international entities. (H.R. 2454) • S. 1733 reduces the number of offsets available to international entities. • The methods used for offsets will be measured and closely monitored. • A renewable energy is given for the development of naturally renewable energy sources. No further details given.

  10. Government RevenueFunds raised from the sale of pollution allowances • HR2454 • Gives power to the Federal Energy Regulatory Commission (FERC) to auction allowances in cash sales. • The U.S. Commodity Futures Trading Commission (CFTC) is given power to regulate the trading of futures, derivatives, offset credits, and renewable energy credits. • S.1733 wants the CFTC to handle both cash sales and trading activities.

  11. Regulating Authority • HR 2454 uses EPA provisions of the Clean Air Act, but supersedes it for greenhouse gases. S.1733 uses the EPA to regulate greenhouse gases. • HR2454 applies a carbon tariff on imports from countries (China, India, and other developing countries) which have not created climate programs by 2020 for greenhouse gases. S.1733 leaves the question open. • HR2454 allows States to enact even tougher standards than contained in this bill, if desired. States may also require the retirement of federal renewable energy credits in excess of the federal standard. Not mentioned in S. 1733.

  12. Industry Changes • S.1733 provides incentives to encourage nuclear power plant development and further development of the natural gas industry. It also encourages mass transit programs, investment in renewable energy and efficiency, clean vehicle technology, stricter building codes and efficient retrofit programs, and R&D. • HR2454 promotes efficiency standards, smart grids, and alternative energy sources. It also creates a new renewable portfolio standard (RPS) requiring utilities to generate 6% of capacity from renewable sources (wind, solar, geothermal, and hydro) by 2012, increasing 3% a year to 2021 (33% of capacity).

  13. Implications for Society • Everyone will be affected through higher prices - particularly electricity, anything with heavy manufacturing, and gasoline. • Job loss will occur as industries adjust to meet these realities, and some manufacturing will move out of the U.S. • Government control and social engineering will replace the free market system. Dollars will move from the private sector to the government leading to greater dependence on the government. • The government will favor groups that support its goals or for political payback. • Democrats view these bills as creating clean energy jobs. Republicans view the bills as containing crippling costs on business. • Transportation will move towards electric and solar powered vehicles and mass transit. • Protectionist trade wars may develop with China, India, and developing countries with resultant shortages.

  14. Democrats: Max Baucus (Mont.) Evan Bayh (Ind.) * Mark Begich (Alaska) Sherrod Brown (Ohio) * Robert Byrd (W.Va.) * Maria Cantwell (Wash.) Claire McCaskill (Mo.) * Kent Conrad (N.D.) * Mark Pryor (Ark.) * Jay Rockefeller (W.Va.) * Byron Dorgan (N.D.) * Arlen Specter (Pa.) Debbie Stabenow (Mich.) * Jon Tester (Mont.) Carl Levin (Mich.) * Blanche Lincoln (Ark.) * Jim Webb (Va.) * Republicans: Bob Corker (Tenn.) Susan Collins (Maine) Richard Lugar (Ind.) John McCain (Ariz.) Lindsey Graham (S.C.) Judd Gregg (N.H.) George LeMieux (Fla.) Lisa Murkowski (Alaska) Olympia Snowe (Maine) George Voinovich (Ohio) * Gang of 15 | Italics: Faces re-election in 2010 | Bold: Retiring Current Status of LegislationS.1733 is currently undergoing hearings in the Committee on Finance. The last hearing was Nov. 10, 2009. No further hearings have been scheduled. As of Nov. 6, 2009, there are 27 undecided Senators. (1) Those Senators are:

  15. Is there Global Warming?Some scientists, liberal leaders, and the Mainstream media say “yes”. But wait… • If “Yes”, is it man-made and can it be controlled? Dr. Bryan Hopkins at BYU says the problem is really Nitrous Oxide in fertilizers and this can be controlled with a polymer coating on the fertilizer. (2) • If “Yes”, is it man-made and can it be controlled? Professor Tim Garrett at the University of Utah says “No”. According to Him, humans can’t really affect climate change. The earth is just running along a “predetermined trajectory”. (3)

  16. Is there Global Warming?Many scientists say “No, …just wait a minute”. • There is not a consensus among scientists that global warming is real. 31,486 American scientists have signed a petition against global warming, including 9,029 with PHD’s. (4) • Recently, a hacker broke into the Hadley Climatic Research Unit (CRU) and emailed to the world 1079 emails and 72 documents from Professor Phillip Jones, Professor Michael Mann, and others. The emails detail that manipulation of data is wide spread among global warming researchers. (5) Note: On !2/02/09, Professor Jones temporarily steps down (Reported by R. Limbaugh). 12/03/09 Professor Mann blames Professor Jones and Barbara Boxer wants the “hacker” investigated (Reported by S. Hannity). • These emails document the changing of data to support their position, suppression of data from Freedom Of Information (FOI) requests, peer-review manipulation in choosing who to review their work and who to exclude, removing those who oppose them, and the destruction of data after receiving FOI requests. (6) • Only Fox News has covered this story. There has been suppression of this news by the mainstream media. (7)

  17. Who stands to Gain?“Follow the money” (and power). • Hadley Climatic Research Unit scientists and others have received 13.7 million British pounds ($22.6 million) in grants, plus reputations and fame attached to their work. (8) • Al Gore worth $2 million in 2001, just invested $35 million of his wealth in Capricorn Investment Group, a private equity fund. Nancy Pelosi and Greg Markey have substantial investments in green technology. (9) • The environmental movement is a means by which groups desiring to re-shape the world into a new world order can operate; to create a world socialist state. (10)

  18. Who stands to Gain?“Follow the money” (and power). • "In searching for a new enemy to unite us, we came up with the idea that pollution, the threat of global warming, water shortages, famine and the like would fit the bill ... All these dangers are caused by human intervention and it is only through changed attitudes and behaviour that they can be overcome. The real enemy, then, is humanity itself." — in The First Global Revolution, pp.104-105 by Alexander King, founder of the Club of Rome and Bertrand Schneider, secretary of the Club of Rome. (11) • Al Gore is a member of this group of elite powerful people.Henry Kissinger, David Rockefeller, Jimmy Carter, and Bill Clinton are also members. (12)

  19. Who stands to lose? • By 2020, a family of four will pay $1,870 per year and $6,800 by 2035 as estimated per the Heritage Foundation and reported in the Wall Street Journal. (13) • This is but part of the re-shaping of America into a socialist society with “redistribution of wealth” through the expiration of President Bush’s tax cut, Cap and Trade, and the Health Reform movement. Ultimately it comes down to power and control to make people dependent on government for their support and lives. • We can only envision in the future a lower standard of living for ourselves and our children, and the loss of personal freedom.

  20. ReferencesA comparison of Senate and House Bills: • Plumer, Bradford. The New Republic: The Senate Vs. House Climate Bill. October 1, 2009. http://www.npr.org/templates/story/story.php?storyId=113376311 • Plumer, Bradford. So How Does The Senate Climate Bill Stack Up To The House Version? September 30, 2009. http://www.tnr.com/blog/the-vine/side-side-the-senate-climate-bill-vs-the-house-bill (Picture of Kerry-Boxer) • Center for Climate Strategies. U.S. House Passes Comprehensive Climate Legislation; Senate Consideration Expected to Follow. June 30, 2009. • Johnson, Brian M.Brief Summary of Kerry Boxer Climate Tax Bill.October 30, 2009. http://www.atr.org/brief-summary-kerry-boxer-climate-tax-a4126 • (1) Hollenbeck, Todd. Senate Cap and Trade Update. November 23, 2009. http://www.atr.org/index.php

  21. ReferencesControversy over Global Warming: • (2) Fertilizer and Greenhouse Gases http://www.byub.org/byuweekly/Player.aspx?seg=286 • (3) Deseret News. U. professor says conservation is futile, November 24,2009, p. A1. • (4) Petition Project http://www.oism.org/pproject/ • (5) Andrews, Tim. This Is Not A Smoking Gun - It Is A Mushroom Cloud: Leaked Emails Destroy "Global Warming" Fearmonge. November 23, 2009. http://www.atr.org/index.php • (6) Lott John. Why You Should Be Hot and Bothered About Climategate. November 23, 2009. http://michellemalkin.com/2009/11/23/climategate-both-sides-of-the-pond-demand-probes-into-data-manipulation-scandal/ • (7) Sheppard, Noel. ClimateGate Totally Ignored By TV News Outlets Except Fox. November 24, 2009. http://newsbusters.org/blogs/noel-sheppard/2009/11/24/climategate-totally-ignored-tv-news-outlets-except-fox

  22. ReferencesControversy over Global Warming: (Cont.) • (8) Murgatroyd, Dr. Stephen.Hacked CRU emails a blip on the road to Copenhagen. November 21, 2009. Blog comment by Richard. http://www.troymedia.com/?p=5949 • (9) Watson, Paul Joseph. With Hurricanes At Thirty Year Low, Gore Turns To Photoshop. November 19, 2009. http://www.prisonplanet.com/ • (10) Kjos, Berit. Green Lies and Amazing Truths. April 20, 2007. http://www.crossroad.to/articles2/007/earth-day.htm • (11) TheCounterPunch. The Club of Rome the environmental elite Rockefeller's CFR think tank. http://hubpages.com/hub/Club_of_Rome • (12) The Green Agenda. http://green-agenda.com/globalrevelolution.html • (13) WSJ. The Cap and Tax Fiction. June 26, 2009. http://online.wsj.com/article/SB124588837560750781.html For more information: • Google - Climategate, Club of Rome • Tracinski, Robert.ClimateGate: The Fix is In. November 24, 2009http://www.realclearpolitics.com/articles/2009/11/24/the_fix_is_in_99280.html

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