We have seen no compelling evidence that this nation faces an immediate environmental crisis,” according to the testimony. “Studies we have seen point to the uncertainties that exist.” A program “that sets unrealistic compliance dates will increase the cost, [and] risk the reliability of electric service.” 

These were the words from Southern Company’s president 28 years ago, delivered in opposition to the Acid Rain Trading Program. It was matched by testimony from the National Coal Association that predicted “electricity rates would rise sharply,” triggering “a loss of jobs” if the program became law. 

Of course, it did become law, as part of the 1990 Clean Air Act Amendments, and is now regarded as a crowning achievement for President George H.W. Bush and proof that cap-and-trade regulations can work.

Citation
Cale Jaffe, Record Belies Critics of Environmental Rules, 34 Environmental Forum 49 (September, 2017).