There's a lot more going on here. We can PROVE IT.
The Epoch Times (2/4/24) reports: "The bipartisan climate plan that’s advancing in the U.S. Senate, which would provide the first step for the United States to impose its first carbon import tax, will drive up costs for U.S. consumers while its benefits for the environment will be scarce to nil if the legislation is approved in anything close to its current form, according to energy experts... On the surface, the PROVE IT Act may have an innocuous purpose, requiring the DOE to study carbon emissions without obligating any policy changes based on the findings of such research. However, Alexander Stevens, manager of policy and communications at the Washington-based Institute for Energy Research, believes that the goal of the legislation is to establish a basis for a carbon tariff on imports. One of the backers of the proposal, Mr. Cassidy, introduced legislation in November 2023 with a view toward introducing carbon tariffs for imports, Mr. Stevens pointed out. Most lawmakers who support carbon tariffs also support carbon taxes. The shift in favor of such a tariff may help make the idea of a domestic carbon tax seem more mainstream, although not all understand the singular fiscal burden that such a tax would represent for working people. In either case—whether importers raise prices to recoup their losses from having to pay tariffs or consumers must pay an additional tax—it is the latter who find themselves pinched, he said."
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"The OPEC cartel, led by Saudi Arabia, tried to exploit its monopoly power in 2023 by reducing production. It enjoyed temporary success as its revenue increased from selling a lower quantity of oil at a higher price. However, non-OPEC competitors reacted to the new profit opportunity with such a vigorous supply response that the costs of crude oil and energy substitutes were lower at the end of 2023 than at the beginning of the year. Competition dominated monopoly."
–Thomas J. Grennes,
Independent Institute
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