US House of Reps Committee passes Climate Bill

“The bill imposes cuts on greenhouse-gas emissions and creates a cap-and-trade system requiring power plants, manufacturers and other polluters to buy emissions allowances… “To convince skeptical Democrats to back the bill … agreed to lower emissions caps and renewable fuel standards… gives away nearly 85 percent of the emissions allowances for free to utilities, manufactures, oil refiners, and other industries.” Read more here.  “If fully utilized, the emissions ‘offset’ provisions would allow continued business as usual growth in U.S. greenhouse gas emissions until 2030, leading one to wonder: where’s the cap in the “cap” and trade?”  Read more here.