Monday, August 24, 2009

Cap and Trade Weakens Our Oil Industry

The proposed legislation referred to as Cap and Trade is aimed at reducing global warming. The climate bill is in the Senate awaiting their vote. In it's present form it is a DISASTER for America!

10 Reasons to Oppose It
This legislation creates an artificial market for various industries to buy/sell carbon outputs. In a paper out this week commissioned by the oil industry, findings indicate that US oil refining will drop by 17% from present levels if the bill is passed.

Here are the reasons to STOP PASSAGE:

1. It does NOT help the environment. Scientists agree that the maximum drop of temperature would be no more than 0.07 degrees Celsius.

2. It will raise energy costs for Americans. It is estimated that energy costs to the average American household will be between $800 - $1300 by 2015 and increasing to $1,500 - $2,500 by 2050.

3. Americans will loose jobs, contrary to what Congress promises. It happens in two ways; Produce less (directly hurting jobs), or buy carbon allowances - putting workers on the chopping block to pay for these new expenses.

4. It has failed where it has been tried. 12 of the 15 nations following the Kyoto protocol since 1997 have failed to meet the greenhouse reduction targets.

5. It is a regressive tax. This costs industry and home consumers as two targets. The CBO (Congressional Budget Office) says that prices will go up on gasoline, heating oil, and electricity. The poor are the hardest hit by this hidden tax.

6. It prevents market forces from working. Resources will be directed into the artificial market created by cap and trade.

7. It sets a dangerous precedent. Groups like the Sierra Club and Natural Resources Defense Council have endorsed this legislation as just the first step. They (and other groups) will demand more restrictions and legislation.

8. It opens the door for fraud and more corruption. This is evident in the UK where they participate in cap and trade. British companies have abused the emissions trading scheme to cook the books.

9. It increases the Federal budget. We can scarcely afford this with our record deficits.

10. It places the US at a significant disadvantage with other countries. Our competitors will not be following these laws - putting us at a serious trade and competition disadvantage.

Action To Take
Write your Senators to vote "NO" on Cap and Trade. Cite the reasons stated above.

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