Taxation With No Intended Purpose-
Well the 1st of the year is here and has passed, and some of what we have been talking about happening, is happening. Let’s talk about one item that will affect nearly every one of us as individuals, and as businesses-the enactment of Cap and Trade on oil refineries in California.
The concept here is that the California Air Resources Board (CARB) wants to reduce carbon emissions to, arguably, comply with the EPA’s demand that they do so. By “taxing”, or forcing heavy carbon fuel producers to buy “credits” for their carbon emissions, the concept is that the folks buying the credits will “feel the pain” and stop emitting so many tons of carbon into our atmosphere.
So-now that the refineries have been included, what is really their incentive to reduce carbon emissions? They have told us for years they will simply raise the cost of their refined fuels to cover the credits, and we just saw the first fuel increase in many months within the last few days. The ‘talking heads” keep telling us the fuel price increases we can expect range from a few pennies per gallon to as much as 76 cents per gallon. Let me ask you all a question-since fuel prices have dropped dramatically in the last several months, has that led to you driving more miles or are you driving about the same miles and just pocketing the savings? If you are like me, you are not driving more miles, you are driving about the same miles. So, if logic holds, if CARB raises the cost of my diesel at the pump by charging the refineries for carbon credits, will that make me drive less? Nope!
So-in effect, the cap and trade machinations will simply create some more money for the politicians in Sacramento to spend. Not on transportation or highway improvements! Some of that new revenue will certainly go towards the high speed railway-but it will not go towards alleviating traffic congestion on Highway 37 for example.
So if the original intent was to lower carbon emissions, it does not appear that will happen. So, surprise surprise-we have Taxation With No Intended Purpose”.
If you want to read more opinion on this matter, click here–
That’s All Folks!
Engineering News Stories From December 29-january 7, 2015
California Fuel Prices Rise Due To Cap and Trade Fees: link
North Bay Business Journal’s Top Real Estate Projects for 2014: link
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