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Climate Bill Helps Utilities More Than Oil Companies - Yahoo! News
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The climate-change bill that passed the U.S. House on June 26 would set up a “cap-and-trade” market for greenhouse gases that cushions the cost for power producers, manufacturers and farmers while limiting aid to oil companies.
Among those getting help were utilities American Electric Power Co. and Exelon Corp. Washington representatives for ConocoPhillips and Exxon Mobil Corp. said the oil companies were shortchanged.
The bill, which creates a market for carbon dioxide permits potentially worth more than $100 billion a year by 2020, regulates the way the allowances could be traded to guard against speculation with derivatives that lawmakers say might drive up the prices of electricity and gasoline.
The legislation, passed 219 to 212, largely rejected President Barack Obama’s plan to raise revenue for the federal government by selling the permits at auction and instead doled out free credits to win the support of Democrats from coal, manufacturing and farm states. Oil companies got many fewer free permits. The proposal now faces action in the Senate.
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Public Policy, Energy, The Skeptic, Green Jobs - Green Economy, Finance & Economics, Green Business and Investing, Climate Change, Twine News, President Barack Obama, President Barack Obama, Green, Planet Earth, Mauro Magnani's FINANCIAL TWINE, *Changing America?, Environment, Money and Investing, Unintended Consequences/Unexpected Results, The Radical Twine, Oddities Around the World, Politics