For context, the projected carbon price from the Senate climate legislation equates to an additional 27 cents a gallon for gasoline.
The House climate bill, sponsored by Reps. Henry Waxman (D-Calif.) and Edward MarkeyEd MarkeyDems rip Trump administration for revoking Obama's transgender directive A guide to the committees: Senate GOP sets sights on internet privacy rules MORE (D-Mass.), would impose an economy-wide cap and trade program to cut greenhouse gas emissions.
The KGL bill, so-called for its Senate authors John KerryJohn KerryNew York Knicks owner gave 0K to pro-Trump group A bold, common sense UN move for the Trump administration Former Obama officials say Netanyahu turned down secret peace deal: AP MORE (D-Mass.), Lindsey GrahamLindsey GrahamThe Hill's 12:30 Report Back to the future: Congress should look to past for Fintech going forward CNN to host town hall featuring John McCain, Lindsey Graham MORE (R-S.C.) and Joseph Lieberman (I-Conn.), would create a cap-and-trade system for electric utilities and later for large manufacturers.
The transportation sector, however, would pay a “linked fee” tied to the carbon market price.
“If the market were to include only the power sector under the cap, Point Carbon finds prices would fall to $15 per ton of CO2 [equivalent] on average, as the cost of reductions is lowest in the power sector. The team also finds that the power sector alone could reduce emissions enough for the US to meet its 2020 pledge at a cost of $18 on average over 2013-2020.”