Climate Deal Likely to Bear Big Price Tag
So what is all this going to cost?
The short answer is trillions of dollars over the next few decades……………….. the transformational ambitions that delegates to the United Nations climate change conference are expected to set in the coming days will cost more than $10 trillion in additional investment from 2010 to 2030, according to a new estimate from the International Energy Agency.
According to a May 2009 study performed by CRA International and released by the
National Black Chamber of Commerce, the enactment of H.R. 2454 would result in the
Following economic impacts:
• The United States would face a net reduction in employment of 2.3 million to 2.7 million jobs
in each year of the policy through 2030. These reductions are net of substantial gains in
If domestic cap-and-trade legislation were passed, it could result in a loss of 1.9 million American jobs in 2012 and 2.5 million American jobs by 2025. From 2012-2019, the CBO estimates direct government spending at $822 billion with revenue at $845 billion from taxes Analysts believe the increased taxes and fees will cost the average American household upwards of $1,600 to $3,000 or more each and every year!
If anyone ever believed this was about protecting the environment from CO2 emissions just look at the bill passed out of Henry Waxman the Chairman of the house energy committee. It virtually exempted coal, by far the biggest CO2 emitter. This is a tax bill not an environmental bill. The most bitter ironies is the hypocrisy of disadvantaging US industries with those in third world countries who have already put us on notice that as the India Prime Minister recently told Secretary Clinton “you have had 100 yrs to use fossil fuels to build your economy, now it’s our turn.” Transferring manufacturing and refining to third world countries that don’t have the same environmental safeguards make the CO2 emissions worse! It doesn’t matter where they come from, if you buy the idea that these emissions are bad why the hell would you want more of them?
The third and probably the most bizarre attack on the Domestic oil and gas industry is the action to ban Hydraulic fracturing. This procedure has been used to get oil and gas out of the country’s reservoirs since 1959 without a single incidence of contamination of ground water or of harm to human health or the environment.
What’s most unbelievable is that The United States has three times the amount of natural gas it thought it had in 1966 — and 40 percent more than just a few years ago. In fact, more than 2,000 trillion cubic feet of natural gas is estimated to be available; at present consumption levels, that’s enough to heat all U.S. households for the next 519 years.
This increase in gas reserves has been made possible by the technology just developed in the past 5-10 yrs whereby we can extract gas from shale. These shale deposits are all over the country. Not only in Texas, Oklahoma, LA and Arkansas but up the eastern seaboard from the Carolinas to Pennsylvania to New York.
But they all depend on hydraulic fracturing. Without these new frac techniques none of this new energy wealth would be produced.
And now we have developed the Baaken shale in N. Dakota and Montana which could have as much as 8 billion bbls of reserves (according to the USGS). This discovery has resulted in our nation’s oil production increasing from 2007 to 2008, which is the first time in decades we have had any increase in total production.
We are winning!! And these guys want to capitulate. For what? Why?
My own belief and the only conclusion I can come up to is that this congress and this administration want to end America as we know it. They want us relegated to mediocrity in the world. Their world view is that we have done too well and its time we let the rest of the world pass us by. As bizarre as that sounds it sure seems like the only plausible explanation to me.
Heck the ole Democracy has survived a lot of hits before. Its an amazing country. I take hope in the recent poll numbers of this President and this Congress. They are falling like a rock.
They have way overestimated what the American people meant by responding to their message of change.
Thank you and I will be happy to try and answer any questions.