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Tipsheet

Cap-and-Tax Hits the Floor This Friday

It appears the Waxman-Markey cap-and-trade energy tax will be on the House floor for a vote this Friday. This legislation is an economic time bomb for our nation's already struggling economy and despite Democrats’ best attempts to frame it as a necessary measure to stop global warming, cap-and-trade is merely a gigantic tax and huge revenue booster for our federal government to allow them to keep spending and fund more government programs.
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No matter which analysis of this bill you look at, it means higher costs for all Americans. The CBO predicts that the rise in prices would hit low-income households the hardest as these homes spend a larger fraction of their income on energy needs compared to those with higher incomes.  It will especially impact those Americans living in Midwest states who get most of their energy from coal-fired utilities and have large manufacturing sectors.

One Minnesota company speaking up against this cap-and-tax bill is Holiday Stationstores, headquartered in Bloomington, MN. They have serious concerns about the low carbon fuel standard in this bill and its effects on the Upper Midwest.

They shared their concerns in a letter to Minnesota Congressman Collin Peterson, Chairman of the House Agriculture Committee, at the time this bill was reviewed by his committee:

"…Minnesota has among the cleanest burning fuels in the United States.  However, Minnesota and a number of other Midwest states also rely heavily on transportation fuels that – while cleaner – are considered by some to have a large carbon footprint.

“The concept of a low carbon fuel standard itself is especially problematic for Midwest states. Unlike California, which produces much of its own crude, the Midwest relies on crude from Canada.... In Minnesota, for example, more than 80 percent of the state's crude supply comes from Canada. Although it's plentiful, Canadian crude is typically denser and requires more energy to produce than lighter and sweeter crudes. This makes it arguably more carbon intensive than crude derived from places like the Middle East."
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The ones paying the price for this shortsighted bill are the businesses like Holiday Superstores who will be hit just for staying in business. And even worse, it's you and me who will ultimately feel the pain through skyrocketing energy costs.

This plan is wrong in its premise and in its execution. With our economy struggling as it is right now, how can we afford to raise energy costs? To educate yourself on what cap-and-tax really means for you and your family, check out what the Heritage Foundation has to offer.

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