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Senators Outline U.S. Utility Carbon Market for Climate Bill

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March 26 (Bloomberg) -- Senators Lindsey Graham and Joseph Lieberman outlined U.S. climate-change legislation that would have power companies buy and sell pollution rights in a carbon market and force oil companies to pay fixed fees for emissions.

The new legislation,if passed would mean that oil companies would have to pay a fixed fee for their personal emissions linked to the price that power companies pay for carbon dioxide allowances. Trading restrictions would include a maximum and minimum price for carbon dioxide allowances, or a “hard price collar,” Graham said. They're not sure how to calculate the fee though as of yet, which of course presents a big problem.

Another sucky part...

“Nobody’s signed on, but I think we’ve got them engaged,” Lieberman says, referring to the meeting with industry groups that included the U.S. Chamber of Commerce and the Edison Electric Institute. - super.

*Source
post #2 of 2
Well the Chamber of Commerce has basically been a global warming denial group, so just to have them engaged and not trashing the bill already is an accomplishment.

It's a bit of a strange bill because it creates a carbon cap and trade system for energy utilities, but seems to create a seperate carbon tax for oil companies.  The Senators involved seem to think this is the best way to maximize support for the bill, but it strikes me as odd to have 2 separate systems like that.  The Waxman-Markey climate bill passed by the House was just a cap and trade system.

We'll see, the Senators seem to know what they're doing.  It's especially critical that they have Lindsey Graham on board co-authoring the bill, because it shows it's a bipartisan effort, and they'll need a few Republican votes since some Democrats are in the pockets of the oil and coal industries.
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