“You can rank carbon regulations, carbon cap-and-trade, and carbon taxes however you wish. But at the end of the day we’re better off with no policy rather than bad policy.”

To continue from Part I yesterday, the carbon tax–on paper, on the white board, in the ivory tower–is better policy than cap-and-trade, which is better than ad hoc regulation. We could spend – and have spent – hundreds of hours explaining why cap-and-trade is a horrible idea, and why regulations are often blunt-objects that often cause huge unintended consequences, but that’s beyond this post.

And an ideal carbon tax can be shown to have only modest damage to the economy. 

But where are carbon tax proponents, particularly conservatives, wrong about carbon taxes? The answer provides a much longer list.

First, carbon taxes are not strictly a tax on “bads” (i.e.…

“Australia’s proposed Emissions Trading System is a variable and unpredictable carbon tax…. ETS is complex in operation; encourages brokers, lawyers and speculators; and will drain our money to middlemen and into the European carbon credit casino. And it will create a growing army of vested interests who will forever oppose its abolition.”

Australia’s destructive carbon tax is in full political play this election season. “If this election is about anything, it is about the carbon tax,” opposition leader Tony Abbott stated this week. “Getting rid of the carbon tax is fundamental to our plan for a stronger economy.”

At his candidacy’s home page, Abbott states (and promises):

Repealing the Carbon Tax will ease cost of living pressures on families, help small business and restore confidence to the economy.

On day one, the Finance Minister will notify the Clean Energy Finance Corporation that it should suspend its operations and instruct the Department of Finance to prepare legislation to permanently shut-down the Corporation.

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“Deep Ecology adherents view fossil fuels as evil incarnate, and believe fervently in ‘peak oil’ and Climate Armageddon. They are frustrated that fracking guarantees a hydrocarbon renaissance and predominance for decades to come, and helps reduce carbon dioxide emissions without massive economic sacrifice.”

Anti-energy activists actively promote falsehoods about the vital, safe, job-creating hydraulic fractionation. They inhabit a callous parallel universe to wage war on affordable, plentiful energy–and quality, sustainable jobs. Such a war targets those who need jobs and lower costs the most. 

It is time for all thinking, good people–Democrat and Republican–to welcome the oil and gas treasure unleashed by new technology in every locality and state where private property rights are respected. And, as Bret Stephens wrote in the Wall Street Journal, it is high time for environmentalists to think.…