What are your thoughts on the feasibility and economic impact of the new EPA rules?
Marc Morano: My take it on it would be, not only is it unnecessary — they imply that somehow this would limit hurricanes and droughts, when it would not have a global temperature impact — it would not even have an impact on global CO2. Our emissions are being dwarfed by the developing countries like India and China.
What do you say to those who argue it will spark innovation?
In the U.S., emissions are down to ’90s levels due to natural gas breakthroughs. We’ve made bigger gains than European countries that have ratified the Kyoto Protocol. The natural gas fracking breakthrough could not have been imagined years ago. That was market innovation. The idea that we need central planning to achieve those same goals is absurd. The last thing we want to do is give people regulatory schemes that can misallocate resources. Why impose that on our economy when it cannot even lower global temperature and lessen storms?
I understand some of the environmental left is upset because there is too much flexibility and it is not as hard on companies as previous cap and trade proposals. But understand that whatever Washington does today will be different two years, three years from now. They can make everything sound nice and flexible now, but once implemented, it can expand and morph. They have expanded bureaucratic power of the unelected, and once they have it, it only grows from there.