Raising mileage standards for vehicles and enacting a carbon trading system for electric power generation are two highly desirable actions Congress can take right now, without doing economic harm, to cut greenhouse emissions, improve national security by reducing U.S. reliance on Persian Gulf oil and push Detroit automakers to become more competitive so they stay in business. But instead of taking badly needed action, the House of Representatives last week spent $89,000 of taxpayers' money to purchase 30,000 tons' worth of "carbon offsets" for its antiquated coal-burning powerhouse. Speaker of the House Nancy Pelosi declared the U.S. Capitol will be green by 2008, but this sounds to me like political yammer.
First, according to estimates by resource economists, carbon offsets need to cost $20 to $25 per ton in order to generate a significant profit incentive for innovators, and thus inspire technical breakthroughs that will stave off artificial global warming. If the Capitol paid only $3 per ton, it wasn't buying much. More important, if you really believe artificial global warming is a huge menace to society, you don't just buy offsets and continue using your antiquated coal-fired powerhouse -- because, after all, the offsets only prevent emissions from rising, doing nothing to reduce emissions. If you really believe artificial global warming is a menace, you buy offsets and cut your own carbon output, thus reducing emissions. This is the big fault with Al Gore's patting himself on the back for buying offsets: He has not reduced his carbon footprint. If he believed his own speeches, he'd both buy the offsets and cut back his carbon-intensive jet-set lifestyle.
Pelosi's talk of a "green" U.S. Capitol is especially phony when she refuses to allow the House of Representatives to vote on proposals to increase fuel-economy standards for vehicles. Higher mpg standards -- the average fuel economy of new cars, trucks and SUVs has not risen since 1988 -- are a million times more important to preventing artificial global warming than symbolic actions such as those being taken at the Capitol. Stricter mileage rules would not only reduce U.S. payments to Persian Gulf dictatorships but also make a significant dent in greenhouse gases because greenhouse emissions are proportional to fossil fuel burned. Yet while Pelosi announces lofty promises about a renewable Capitol, she won't schedule a vote on the strict new mileage standards backed by figures as diverse as President Bush and Barack Obama.
Easterbrook is an equal-opportunity excoriator on politicos from both parties, though.
What of other political leaders? George W. Bush has proposed an international conference to negotiate nonbinding future goals for greenhouse gas reduction — exactly the empty gesture his father proposed in 1992! As Juliet Eilperin of The Washington Post shows, all contenders for the presidency have embraced climate proposals that seem bold and sweeping. But read closely: None would have teeth until long after the bold politicians making the sweeping proposals leave office. Hillary Clinton, for instance, wants bold, sweeping action against greenhouse gases by 2030, when she would have been out of office for at least 14 years. John Edwards, whom TMQ likes because he emphasizes the forgotten issue of poverty, wants bold, bold, really bold action by 2050, when he will be 97 years old. Arnold Schwarzenegger is pulling this fast one, too. His bold, bold California climate plan has gotten him fawning press but does not require any action until after Schwarzenegger is out of office.
This is a complaint I’ve had for a long time. And, if you think I have this complaint about global warming, I have it in spades about Peak Oil.
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