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Cap and Trade?s Effect on Diesel Prices

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Unread 07.24.09, 05:36 PM
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Cap and Trade?s Effect on Diesel Prices

On 07.24.09 12:50 PM posted by David Kreutzer

Do you drive a truck or a farm tractor? If not do you use any products grown on a farm or shipped by truck? Well, here’s some news: The Waxman-Markey energy tax bill will make all those products more expensive.

By artificially restricting use of fossil fuels (which provide 85 percent of America’s energy), the Waxman-Markey bill will drive up energy costs of all sorts. One example is the price of diesel fuel. By 2012, the first year of the Waxman-Markey caps, diesel fuel prices are expected to have risen to $3.75. Waxman-Markey would tack on another 20 cents.

And that’s only the start. Because the legislation mandates ever tightening restrictions on fossil fuel, the tax on diesel continues to rise. Even after adjusting for inflation, this tax will hit $1.38 by 2035.

Though diesel cost most directly affects truckers and farmers, the higher price will filter through the economy and impact all consumers. The chart shows the Waxman-Markey energy tax per gallon of diesel fuel adjusted for inflation to 2009 dollars.

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