Editorial
June 30, 2009
If the Senate approves President Barack Obama's carbon cap-and-trade bill, be prepared for higher energy prices in Ohio - natural gas, electricity, heating oil and gasoline and diesel fuel.
Pinning down the cost to consumers if this bill passes has been tricky. Both sides have been throwing around numbers designed to either scare the public or allay their fears. The American Institute for Economic Research, which conducts independent, scientific, economic research, said the cost to consumers will depend on how high CO2 credits trade on the open market.
Here's how it will work. "Industries or utilities that pollute more buy CO2 credits from those that pollute less. In theory, the credit price will be established by market forces and is designed to reduce emissions through the process of penalty and reward," the organization said.
If CO2 credits trade at $10 per ton, the price of natural gas will increase 12.6 percent, electricity in the Midwest would increase 10.62 percent, gasoline will increase 9 cents a gallon and diesel will increase 10 cents a gallon.
But if C02 credits trade at $100 per ton, hold on to your wallets. Natural gas prices would jump 126 percent, electricity in the Midwest would increase 106 percent, gasoline would jump 88 cents a gallon and diesel would increase $1.01 a gallon.
It's obvious that boosting the cost of energy in the Midwest to these levels would deliver a crushing blow to our region's chances of economic recovery. That's why this bill must be defeated in the Senate.
We were disappointed that two of our area's lawmakers, Rep. Zack Space, D-Dover, and Rep. John Boccieri, D-Alliance, voted in favor of this measure last week when it passed the House of Representatives. To his credit, Rep. Charlie Wilson, D-St. Clairsville, voted no. We applaud him for standing up for the best interests of his constituents and his state.
We urge our state's two senators - George Voinovich and Sherrod Brown - to vote no when this bill comes up in the Senate. Its passage would be catastrophic for Ohio consumers.
http://www.timesreporter.com/opinion/x737348191/Our-opinion-Climate-legislation-would-harm-Ohio
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