Common Tragedies

Thoughts on Environmental Economics

Apparently CO2’s gonna cost $680/ton by 2010 if the Dems get their way

Posted by Rich Sweeney on December 11, 2008

From the department of disinformation:

Jim Sensenbrenner, the ranking Republican on the House Select Committee for Energy Independence and Global Warming, made a cameo appearance at the international climate talks in Poznan, Poland, this week, announcing his opposition to any climate agreement that doesn’t require the developing world to reduce its own emissions. What’s more, he predicted dire economic consequences if the Democrats managed to pass a cap-and-trade bill in the United States, though he could hardly contain his glee over the political opportunities he saw. He told reporters that climate legislation would lead to “a doubling or tripling of electricity bills and ten-dollar-a-gallon gas,” which would then lead inexorably to the Republicans regaining control of Congress in 2010.

For those of you keeping score at home, let’s break that $10 gas figure down:

– The EPA lists the CO2 content of gasoline at 8.8 kg/gallon.

– Lets give the Senator the benefit of the doubt, and say gasoline will return to its summer levels of $4/ gallon, meaning that the carbon tax on gas is $6.

– $6/0.0088 tons CO2 = $681.82/ton CO2.

I think 2015 Lieberman-Warner estimates came in at about $21/ton. I, for one, hope this is a key element of the GOPs 2010 strategy.

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