American Clean Energy And Security Act Of 2009

Floor Speech

AMERICAN CLEAN ENERGY AND SECURITY ACT OF 2009

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Mr. TAYLOR. Madam Speaker, I rise in opposition to this bill.

One of the provisions of this bill would create a cap and trade system throughout the United States in an effort to reduce the production of global warming gases. This system would limit the amount global warming gases emitted through regulation of ``allowances'' to each company. If a company released more gases than their ``allowances'' permitted the company would be taxed by the federal government.

The system also would establish an ``allowance'' market that would permit companies to buy and sell ``allowances.'' The same speculators who manipulated oil futures last year, pushing gasoline prices over $4 per gallon will be trading in the cap and trade market, trying to figure out how to game the system at the expense of consumers and taxpayers.

I do not believe a cap and trade system is the approach that is best to reduce global warming gases. As a matter of fact I think it is a simple ``Ponzi Scheme'' that will increase energy prices. According to the Congressional Budget Office it will create a complex financial system that allows risky investment in the energy market increasing the cost of living per household by $1600 per year. Additionally, I don't like the idea that a factory in one state is cleaner than it has to be so that another factory is dirtier than it should be. This could potentially leave Mississippi with the cancer causing agents and other states with the credit.

Madam Speaker, I'll be brief.

This is a bad deal for South Mississippi and my nation. I hope that we will defeat this bill.

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