Cap and trade cancelled
AMARILLO, TEXAS -- After Tuesday's historic election, President Obama is now hinting at compromises with the GOP on tax cuts. Part of that is abandoning his "Cap and Trade" idea.
How might that affect you at the pump? It basically means you won't be paying more, at least for now. The bill would have reduced carbon emissions from power plants, cars, and natural gas industries.
Meaning, it would have capped how much CO2 a company can produce. To get more there would have to be a trade with a company that produces less.
The president said it was, "just one way of skinning the cat," so now his administration will be looking at other ways of reducing emissions. Wayne Hughes of the Panhandle Producers and Royalty Owners Association said the country is run by natural gas.
The roads you drive on, the ink that's printed on your paper, so if that bill passed it would have sky rocketed prices. "He was being sincere, there are other ways to skin the cat and so we'll see how that cat gets skinned between now especially during the interim session. We're concerned as an industry that there will be additional fees exacted on us, that can be done by, by executive fiat if you will, they don't to go through congress," said Hughes, the Executive Vice President, PPROA.
Right now it's a relief to consumers, but it's not stopping the PPROA from following what will happen to their wallet and the consumers.
