The High Cost of McCarbonomics
By Steven Milloy
June 23, 2008, JunkScience.com
The AP
reports (June 23) that "Sen John McCain hopes to solve the country's energy crisis with cold hard cash. The presumed Republican nominee is proposing a $300 million government prize to whoever can develop an automobile battery that far surpasses existing technology... In addition, a so-called Clean Car Challenge would provide U.S. automakers with a $5,000 tax credit for every zero-carbon emissions car they develop and sell."
But the Junkman says: McCain's $5,000 tax credit for each zero emissions vehicle (ZEV) sold is ridiculous:
1. Based on the average automobile's annual CO2 emissions (6 tons) and the average life of a car (9 years), this works out to taxpayers forking out $5,000 to avoid 54 tons of tailpipe emissions -- that is, $92.60 per ton of CO2. In comparison, a metric ton of CO2 only cost about $5.80 on the Chicago Climate Exchage as of Friday, June 20.
2. While no CO2 is emitted from a ZEV per se, the emissions are merely shifted from the tailpipe to the smokestack at the power plant that generated the electricity.
McCain's plan amounts to nothing less but stealing from taxpayers to buy political love from ZEV automakers with little or no reduction in CO2 emissions.
Since it doesn't espouse a decidedly liberal agenda, it must be.