Climate change legislation — if it passes — will be loaded up with all kinds of giveaways and freebies and market-distorting subsidies, The Business Insider reports.
Though House legislation would cap the annual amount of domestic offsets, farm lobbyists are pushing to senators include unlimited offsets by increasing opportunities for farmers to earn offset credits for programs they already have in place.
Supporters refer to this practice a practice “stacking credits.” Opponents call it double-dipping.
However, U.S. farmers are divided on the bill.
The National Farmers Union, which represents roughly 250,000 farm families, is lobbying for the legislation to include resources for farmers who have a tougher time participating in offset programs.
Another key group — the American Farm Bureau Federation — believes that higher fuel, fertilizer, and other costs resulting from the climate legislation could hurt farmers more than higher temperatures.
“We just don’t think that the costs are going to outweigh any money that you get from offsets,” said Rick Krause, senior director of congressional relations for the AFBF.
Bill Klesse, CEO of Valero, the largest independent oil refinery in the country, calls the cap-and-trade bill a "huge negative" for consumers and the country, The International Business Times reports.
"Every single fuel that is produced will go up on price (under cap-and-trade)," Klesse says.
"We (Valero) are going to be very active on participation on how much this means to the consumer, to this industry and to the American economy.”
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