By Jim Snyder - 04/15/10 08:38 PM EDT
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 Markey'Power problem' grounds southern Florida flights Dem senator criticizes Facebook, Instagram for gun sales Apple, Google enlisted for FCC robocall effort 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 KerryClinton faces decision in Trump attack strategy Watchdogs warn of 'serious' conflicts of interest for Clinton Foundation Kerry: More 'work to do' in avoiding civilian casualties in Yemen MORE (D-Mass.), Lindsey GrahamLindsey GrahamClinton, Trump sharpen attacks Graham: Let special prosecutor probe Clinton emails The Trail 2016: Clinton’s ups and downs 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.”