Biden is moving full speed ahead with his economically ruinous crusade against fossil fuels.
The Biden White House plans to raise its “cost of carbon” estimate from the already high $51 per metric ton to $190 this year. Tom Pyle, the head of the Institute for Energy Research, tells us this could quietly unleash a torrent of expensive new environment regulations.
According to E&E News that broke this story, “Federal agencies can then use [a higher cost of carbon] as part of their cost/benefit analyses to justify more stringent climate regulation on sources ranging from power plants and automobiles to the oil and gas sector.”
Wonderful! Energy costs have already risen from 50 to 100% since Biden took office. Brownouts and blackouts are expected in many northeastern states if it is a cold winter ahead.
This energy crisis will get much more severe if these new cost of carbon estimates are raised fourfold. Think of the cost of carbon as a direct tax levied on energy usage.
If all this isn’t bad enough, one of the models at the EPA would raise the cost of carbon dioxide to as high as $340 per ton. This would with a stroke of the pen strangle America’s domestic fossil fuels industry.
Maybe that’s the entire point.