We were warned…
In January 2008 Barack Obama told the San Francisco Chronicle:
“Under my plan of a cap and trade system electricity rates would necessarily skyrocket. Businesses would have to retrofit their operations. That will cost money. They will pass that cost onto consumers.”
He promised that his plan would cause electricity rates to skyrocket.
He wasn’t kidding.
On Monday the Obama administration unveiled the first-ever national limits on carbon emissions from existing power plants.
The new rules will hit the poor, middle class and minorities the hardest.
Real Clear Energy reported:
A study by Eugene M. Trisko for American Coalition for Clean Coal Electricity reviewed the disproportionate impact of higher energy costs on differing income groups from 2001 to 2011.
The study found that the amount of money spent on energy for half of American households that make less than $50,000 almost doubled rising from 12 percent in 2001 to 20 percent in 2011.
Minorities with lower average incomes than white households are disproportionately harmed by rising energy prices.
For example, in 2009, 67 percent of black households and 62 percent of Hispanic households had average incomes below $50,000 in contrast with only 46 percent of white households.[4]
Since minority households have lower incomes than white households, rising energy prices will take a larger share of their family’s disposable income leaving fewer dollars for housing, medicine and clothes.
Obama’s refusal to approve the Keystone XL pipeline, new greenhouse gas regulations from the EPA and discussions of a carbon tax provides more evidence that Obama’s anti-fossil fuel agenda will force energy prices higher.
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