Ag News
American Power Act
Thu, 13 May 2010 5:51:54 CDTstyle="FONT-FAMILY: arial; COLOR: #000000; FONT-SIZE: 10pt">Senators John Kerry
and Joe Lieberman have introduced the American Power Act which is designed to
transform our economy, set us on the path toward energy independence and improve
the quality of the air we breathe. The pair of Senators said their bill will
create millions of good jobs and it will launch America into a position of
leadership in the global clean energy economy. They said their bill will -
reduce carbon pollution by 17 percent in 2020 and by over 80 percent in
2050.
style="FONT-FAMILY: arial; FONT-SIZE: 10pt">The bill provides that farmers would
no longer be subject to mandatory pollution compliance obligations. But, they
would be eligible to participate in a new multi-billion dollar revenue stream
through a domestic offset program. That program encourages farmers to reduce
emissions.
In
addressing the pricing of carbon, the bill sets a floor of 12-dollars, but
provides for an annual inflation rate increase of 3 percent. When the price hits
25-dollars then the price inflation increase rises by 5 percent annually. The
bill keeps states from implementing mandatory greenhouse gas reduction
program.
In a joint news release the Senators said - our approach sets an
achievable national pollution reduction target and refunds the money raised
right back to American consumers and American businesses. They point out - this
is not a plan that enriches Wall Street speculators. And this is certainly not a
plan to grow the government. It is a plan that creates jobs and sets us on a
course toward energy independence and economic resurgence.
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