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PR: Americans for Prosperity: RGGI, The $1 Billion Failure

December 09, 2011 J

For Immediate Release – December 9, 2011

Americans for Prosperity: RGGI, The $1 Billion Failure

As New Jersey Pulls Out, State’s Leading Free-Market Group Says Cap-and-Trade Scheme Has Ripped Off Ratepayers, Provided No Environmental or Economic Benefits

BOGOTA, NJ – Americans for Prosperity, the state’s leading free-market, grassroots organization is once again calling the Regional Greenhouse Gas Initiative (RGGI) a failure in the wake of the latest top secret auction of carbon permits. Yesterday was New Jersey’s last RGGI auction with the state’s departure becoming official as of 2012.

RGGI’s 14th auction yielded another $51.5 million in proceeds bringing the total take from this cap-and-trade electricity tax to a staggering $952 million – or almost $1 billion — in a little over three years. This cost will be borne by the ratepayers and businesses throughout the region, driving up rates and killing jobs.

“The good news is RGGI is on the ropes,” said AFP state director Steve Lonegan, “The permit prices have bottomed out and none of the future control period allowances were sold.

“I believe this signals that RGGI is in big trouble,” continued Lonegan. “And a large part of that is because of the body blow it received when Gov. Christie decided to withdraw New Jersey from this economically destructive program.”

Mr. Lonegan derided claims by RGGI officials touting economic benefits of the program.

“Let’s face it; the bureaucrats at RGGI have a vested interest in permeating the lies, distortions, and propaganda about this failing scheme and now they are getting desperate,” said Lonegan.

“RGGI’s own auditors have admitted that this the cap-and-trade rip-off will have no impact whatsoever on carbon emissions until 2030. No bogus ‘analysis’ funded by far left environmentalists and delivered by people who stand to profit from growing the so-called ‘green’ industry can sugar coat the facts.”

“From the beginning this program has been nothing but a scam on ratepayers – and they should reject the underhanded attempts by RGGI’s benefactors to hoodwink them into thinking that this devious tax on their electricity bills does otherwise.”

For the past year and a half, Americans for Prosperity has fought to dismantle the RGGI cap-and-trade scheme. The pro-taxpayer group continues to fight for repeal in New Hampshire and other Northeast states. In New York, a lawsuit was filed with the Supreme Court in Albany challenging that state’s illegal and undemocratic participation in the program.

Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. AFP educates and engages citizens to support restraining state and federal government growth and returning government to its constitutional limits. AFP is more than 1.9 million activists strong, with activists in all 50 states. AFP has 34 state chapters and affiliates. More than 85,000 Americans in all 50 states have made a financial contribution to AFP or AFP Foundation. For more information, visit www.americansforprosperity.org
Americans for Prosperity does not support or oppose candidates for public office.
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