Reid: 'No Better Time' Than Now for Cap-and-Trade

The current economic climate poses the perfect time to institute a "cap-and-trade" energy policy, Senate Majority Leader Harry Reid (D-Nev.) said Monday.

"The economy is going to turn around," Reid said during an interview on Bloomberg news this morning. "There's no better time to do it than right now."

Reid made the remarks ahead of today's National Clean Energy Project Roundtable in Washington, of which Reid serves as chairman.

"We're never going to be a secure nation when we import 70 percent of our oil," Reid explained. "What we have to understand is that when the economy is better, we're still going to be importing oil."

Critics allege that a cap and trade system would translate into higher energy prices for consumers during a time of economic dyspepsia.

Reid also spoke on nationalization, and said that there is no need to even mention it -- something that has caused market fluctuation -- and that it will not be necessary because the economy will begin to improve with the implementation of the stimulus package.

Watch the interview with Reid here.