Cap-and-Trade is Dead
President Obama will not pursue cap-and-trade as a means of curbing greenhouse gas emissions, he stated at a press conference on Wednesday.
“Cap-and-trade was just one way of skinning the cat; it was not the only way,” Obama said on the heels of the Democratic lose of control in the House of Representatives. “I’m going to be looking for other means to address this problem.”
One possible means would be to use the powers given to the EPA under the Clean Air Act, as held by the Supreme Court two years ago in a landmark decision. While the vast majority of Republicans are forcefully against using the EPA to regulate greenhouse gas emissions, the authority to do so currently belongs to the EPA. However, Obama has not indicated that this is the route he will take.
“One of the things that’s very important for me is not to have us ignore the science, but rather to find ways that we can solve these problems that don’t hurt the economy, that encourage the development of clean energy in this country, that, in fact, may give us opportunities to create entire new industries and create jobs,” Obama explained.
Tuesday’s elections were not kind to Democrats who had supported the 2009 cap-and-trade bill, Almost 30 Democrats who voted for the bill were voted out of office.