February 13, 2007 10:53 AM
Kevin Hook, an energy analyst speaking in a personal capacity, points out that some of the CAP's suggestions could raise national gasoline bill by over a billion dollars. He also argues that many of the benefits claimed by the CAP were as a result of economic contraction after 9/11.
February 13, 2007 10:47 AM
Steve Elger from BP America is now speaking. I wonder if he'll mention BP's safety record while it has been saving the planet?
February 13, 2007 10:45 AM
At the EPW hearing on the Climate Action Partnership, Jonathan Lash of the World Resources Institute talks about how his group's target is 450 - 550 ppm atmospheric concentrations of greenhouse gases. He has not mentioned that the economic consensus that a target of 550 - 650 ppm will cost 1-5% of global GDP. Lower targets will cost much more.
February 13, 2007 10:42 AM
DuPont's CEO, Chad Holliday, is claiming a 72% reduction in greenhouse gases and a healthy return from them to his shareholders. Strangely enough, this was acheived despite the lack of regulatory certainty he now clamors for.
February 13, 2007 10:39 AM
The CEO for energy company PG&E, a company that does not use any significant amounts of coal, is setting out an admirable program of efficiency improvements and research initiatives. Unfortunately, he wants others to pay for it in the name of "certainty." Those others are his customers via the carbon market and the taxpayers.
February 13, 2007 10:24 AM
At a Senate hearing today to discuss the rent-seeking cartel masquerading as the Climate Action Partnership, Fred Smith will present the testimony here. Senator Inhofe's opening statement asked whether he, during his 25 years as a CEO, would have made a bunch of money for his shareholders knowing it would be bad for the economy. That's the issue in a nutshell.
February 13, 2007 10:16 AM
CEI President Fred Smith is testifying before the Senate Environment and Public Works Committee this morning on the Climate Action Partnership and the effects the companies' cap and trade plan will have on the American economy. Stay tuned for updates from CEI Senior Fellow Iain Murray throughout the hearing.
February 12, 2007 9:05 PM
This week's new episode of the Fox animated series"King of the Hill" centers around a great -- and hilarious -- illustration of the public choice insight that government officials act for self-interested motives as much as do actors in the market.
The episode begins when a python that belongs to Lucky, the boyfriend of the Hills's naive and gullible niece, Luanne, escapes down the toilet and into the sewer. Hank Hill (for the unitiated: the show's main character) asks the local government animal control agency to catch the monster.
However, rather than rush to solve this emergency, Heimlich County's two animal control agents -- who complain constantly about their being underpaid and their agency underfunded -- seize on the giant snake as their "gravy train" (their words) as a panicked county commission vastly increases their funding. The commissioners even try to outbid each other in their enthusiasm for catching the critter, lest they be perceived as being "soft on snakes" -- one commissioner even calls the efforts, "My war on snakes."
Yet the greedy -- and ineffective -- animal control agents aren't satisfied with their newly increased funding (which they use for such necessities as a new cappuccino machine). They want the huge infusion of cash that can only come from a bond measure. Their scheme falls apart, and the snake-fighting bond measure goes down to defeat -- but lest anyone think the taxpayers of Heimlich County aren't being mulcted by somebody, two other bond measures pass at that same time: Measure A, the "Clean Air for Children to Breathe" bond measure, and Measure F, the "Children are our Future Bond Measure."
February 12, 2007 3:21 PM
Ivan has an excellent take on the unintended consequences of raising the minimum wage (below), so I'll limit myself to highlighting a recent Bureaucrash video on the issue, featuring former Warren Brookes Fellow Tim Carney. Tim gives us a quick first-person testimonial on the effect of the minimum wage on teenage workers.
February 12, 2007 2:16 PM
Open Market readers may have seen this already, but I wanted to point out one interesting development from last night's Grammy awards. The award for best music video went to the band OK Go, for “Here It Goes Again.”
Remember that funny video clip from YouTube of the four indie rock guys dancing around on treadmills? The one that got forwarded around millions of times by amused Internet users? Well, it just won a Grammy award, beating out established bands from huge labels, including the Red Hot Chili Peppers (who won three other awards last night).
It was made for almost no money, got no marketing or airplay other than YouTube and MySpace, yet it's been seen by millions of people and has now won the biggest award in the music industry. Truly, friends, the future is now.
Here's the big winner: