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Institute for Truth Studies

John ellis water

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Senate Democrats Seek to Exploit Oil Spill to Ramrod Climate Bill


DEMOCRATS IN THE SENATE say they will exploit the oil spill disaster in the Gulf of Mexico to ramrod through legislation addressing claims about cataclysmic global warming that objective scientists agree are spurious. According to a recent report in a mainstream New York daily, a summary of a closed-door Senate Democratic caucus meeting, leaked to the press, reveals that Democrats are seeking to use the spill as leverage to force Republican support, essentially saying that failure to vote for a climate change bill that is loaded down with new oil drilling regulations is a vote for Big Oil polluters.

In recent reports, AFP reporter Victor Thorn has been making the case that the internationalists see the disaster as an ideal time to force through new global climate change laws that will be profitable for them. What the Democrats are really going for is something known as “cap and trade.” In a nutshell, this involves bureaucrats setting carbon-emission standards on all U.S. factories. That is the “cap” portion of the plan. The “trade” part comes into play when factories cannot meet the levels set by government regulators.

Those corporations will then have to turn to others, who meet or come in under the emissions standards that have been imposed upon them. The companies that exceed their government-imposed standards will then be able to purchase or trade other companies’ remaining emissions levels so as to raise their own.


A new breed of carbon capitalists on Wall Street are already champing at the bit to create a market for “cap and trade,” whereby corporations will be able to trade emissions levels like they buy and sell commodities or swap stock. Of course, slash-and-burn speculators will also be able to get in on the horse trading, betting on futures and formulating exotic derivatives based on who will and will not be able to meet government imposed levels.

That is grounds enough for voting against cap and trade. However, the bigger problem stems from what the program will do to American business.

Heavy taxation and onerous regulations have already driven many corporations out of the United States in search of cheap or slave labor and limited government, where they can make a profit. Meanwhile, those patriotic companies that have chosen to stay in the United States will face even more complex regulations. In a continuing cycle that further squeezes domestic industry, the costs will be passed down to Main Street, making it even harder for consumers in the United States.

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(Issue # 28, July 12, 2010)

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