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Fabricating & Metalworking's Riley Takes Congress to Task on Cap-and-Trade
Date:9/8/2009

PELHAM, Ala., Sept. 8 /PRNewswire/ -- Metal components are used in virtually all of the world's most significant markets and innovations - think about precision medical instruments, the aerospace industry, oil and gas equipment, automotive machinery, computers, appliances and more - and each requires electricity as they are being manufactured.

If the government has its way, that energy will soon make metalworking applications more expensive and will ultimately affect costs all the way through the supply chain, down to the prices paid by consumers.

Fabricating & Metalworking editor Mike Riley has been the most outspoken opponent of the federal cap-and-trade legislation, also referred to as the Waxman-Markey Bill.

"Passage of this bill will impose the largest tax increase in the history of the world on you and me," says Riley. "Most of the people I've spoken with recently have never even heard of the Waxman-Markey bill. Under this cap-and-trade legislation, utilities and other producers of CO2 will have limits imposed on them by the honorables that they must meet by either reducing their CO2 emissions or 'buying' credits from those companies that are under those limits."

"No one disagrees with the need to reduce carbon emissions, but cap-and-trade legislation is not deterring companies from emitting CO2, they are allowing it for a price," notes Riley.

Fabricating & Metalworking recently covered remarks delivered at the 11th annual Electric Power Conference & Exhibition in Rosemont, IL, where Michael Morris, the chairman of American Electric Power in Columbus, OH, criticized the use of cap-and-trade revenues to fund health care reform instead of reinvesting in the electricity business, funding research and development into carbon capture & sequestration (CCS) and other electric power infrastructure investm
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SOURCE Cygnus Business Media
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