Republican Victories To Impact Energy Policy
The wave of Republican victories in the recent midterm elections will likely have a large impact on President Obama’s energy policy. The President has already admitted that the cap-and-trade system he and Congressional Democrats supported is off the table. The cap-and-trade system would have allowed businesses to buy and sell allowances to emit carbon dioxide into the atmosphere, thus promoting the reduction in carbon dioxide emission overall. Tax credits and deductions favoring oil and gas companies, set to be repealed under the President’s energy policy, may survive due to the Republican victory at the polls. However, the President has stated his commitment to clean energy, “There is perhaps no industry with more potential to create jobs now…and growth in the coming years…than clean energy.” The President focused on potential job creation in the field of alternative energy in his radio address leading up to the midterm elections, “We can go back to the days when promising industries got set up overseas. Or we can go after new jobs in growing industries.” Though issues surrounding alternative energy and environmental issues were not at the forefront of voter’s thoughts at midterm time, the decisions made at the polls this passed Tuesday will likely affect change in the course of the nation’s energy policy. How much change occurs and in what form remains to be seen.