INHOFE COMMENTS ON BINGAMAN CAP-AND-TRADE PROPOSAL
WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Senate Environment & Public Works Committee, today commented on Senator Jeff Bingaman’s (D-NM) cap-and-trade proposal to limit greenhouse gas emissions.
“Kyoto’s spectacular global failure should give any advocates of mandatory CO2 cap-and-trade schemes serious reasons to reconsider their support,” Senator Inhofe said.
“Some have suggested that carbon cap-and-trade scheme’s demonstrated failures should be overlooked because Senator Bingaman’s bill includes a safety valve tax off-ramp. But everybody knows there will be attempts to increase this tax off-ramp on the Senate floor, in conference and in subsequent legislation.
“Senator Bingaman’s bill would needlessly increase energy costs to already overburdened Americans without any measurable climate benefits. CO2 cap-and-trade schemes were exposed by a recent CBO study as creating massive wealth redistribution from the poor and working class to wealthier Americans.
“This year, China became the world’s largest emitter. Current cap-and-trade proposals in Congress would do nothing to address developing nations CO2 emissions. I have long supported efforts that build off of the Asia-Pacific Partnership which includes developing nations.
“A more honest approach is the carbon tax proposed by Congressman John Dingell (D-MI) chairman of the House Energy and Commerce Committee. While I do not support a mandatory energy diet for the American economy, I do strongly believe that we should be having an honest debate.”