Monday, June 29, 2009
Stated Goal -vs- Actual Goal
promoting energy independence bullshiite calumniation
Under the Waxman-Markey climate bill ... refiners would have to buy allowances for carbon dioxide spewed from their plants and from vehicles when motorists burn their fuel. Imports would need permits only for the latter, which ConocoPhillips Chief Executive Officer Jim Mulva said would create a competitive imbalance.
“It will lead to the opportunity for foreign sources to bring in transportation fuels at a lower cost, which will have an adverse impact to our industry, potential shutdown of refineries and investment and, ultimately, employment,” [said Mulva]...
“There’s no question there are some marginal refiners that probably will not survive,” said Exxon Mobil’s Tillerson…
...said Geoffrey Styles, founder of GSW Strategy Group LLC in Vienna, Virginia. “We will end up with less domestic product on the market and a greater reliance on imports, all of which means higher, more volatile prices.” ... Carbon permits would add 77 cents a gallon to the price of gasoline…
The same amount of gasoline that would have $1 in carbon costs imposed if it were domestic would have 10 cents less added if it were imported, ...
Just for the gas, the cost would be “an additional $178 billion annually, or about $560 for each man, woman and child in the U.S.”
So, lessee… What kinds of manufacturing/industry uses fuel? All of ‘em. Check. Service industries? All of ‘em. Check. Financials? All of ‘em. Check. Consumer discretionary/necessities? All of ‘em. Check. Communications? Tech? Materials? All of ‘em. Check.
So what is this? A ginormous tax which will depress the economy, give advantages to off-shore sellers of everything, and make US more reliant on foreign oil. Which is just the opposite of what they promised that this pile of shiite was for.
So what is the actual goal?
Carbon prices will soar as U.S. refiners compete with each other and other industrial companies for a limited number of allowances ... permit prices may top $100 a ton.
Yep. A new derivatives market for market playahs to ....er, play in.
Because the last derivatives market worked so well…
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