CEI’s Chris Horner used the Freedom of Information Act to uncover internal documents from the Obama administration in which Treasury Department officials admit that a cap-and-trade would impose a steep energy tax on American families.
The Treasury Department’s admission contradicts claims by Democratic leadership that a cap-and-trade energy rationing scheme would boost the economy. In fact, a massive new energy tax (Department officials suggest that a cap-and-trade would cost consumers hundreds of billions of dollars) would depress economic growth by increasing utility bills and gasoline prices.
CEI long has warned Americans that policies to fight so-called global warming would harm American consumers and businesses by increasing energy costs. It’s great to see that Obama’s Treasury Department agrees.