Thinking back a little more than a decade ago, the Obama Administration proposed the “cap and trade” energy policy to develop more alternative sources of energy. That plan ultimately went nowhere but compared to the current Biden Administration energy policy approach, it was a more effective way of driving up energy costs and creating a substitution effect because of the “cap” provision. As President Obama himself said in an editorial board meeting with the San Francisco Chronicle, Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket. Coal-powered plants, you know, natural gas, you name it, whatever the plants were, whatever the industry was, they would have to retrofit their operat...

TAGS – Energy, North America