This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Morici: Hey Obama, Don't Blame U.S. for Climate Change

NEW YORK (TheStreet) -- The inconvenient truth President Obama denies about climate change is that China's refusal to cooperate in international efforts to address the problem makes U.S. efforts to slow its pace futile. Moreover, his policies severely handicap America's ability to mitigate its consequences.

The global climate has gone through profound cycles of cooling and warming since long before humans walked the Earth. Although public figures and some scientists may disagree, the majority of researchers have concluded that human activities in particular, greenhouse gas emissions are now a significant cause of global warming, and they are urging concerted international action.

Carbon dioxide composes 80% of harmful emissions. Having failed to win congressional approval for a system of permits to reduce emissions, the president has unilaterally targeted coal-fired electric utilities and fuel used in transportation to reduce U.S. emissions by 17% from 2005 levels.

Those actions are unnecessary and harmful.

In recent years, more abundant and cheaper natural gas has motivated electric utilities to switch from coal, and energy-intensive manufacturers in metals, chemicals and the like have made remarkable, cost-saving progress to reduce energy use.

Responding to consumer preferences, automakers were making more fuel-efficient vehicles before the president imposed more stringent mileage standards. The high cost and stress of commuting are encouraging many young people to live closer to their jobs.

Competition from rail is pressuring trucking companies to purchase more fuel-efficient rigs.

Together, those free-market decisions have reduced CO2 emissions by more than 9% from 2005 levels.

Now the Environmental Protection Agency and other federal agencies want to micro-manage those choices by imposing inflexible standards on electric utilities and other manufacturers. Progressives would happily force as many Americans as they can onto mass transit, imposing a terrible drain on state transportation and local government operating budgets.

Those initiatives would not do much to arrest global warming, but by increasing taxes and production costs, they would send more jobs to China.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
YHOO $44.13 -0.69%
AAPL $124.25 -0.14%
FB $81.66 -0.67%
GOOG $542.56 -0.99%
TSLA $187.59 -0.63%

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs