New Mexicans support repeal of costly state GHG cap-and-trade rules

Representatives of New Mexico’s electric cooperatives on Nov. 8 delivered petitions with the signatures of 16,875 citizens urging the repeal of state greenhouse gas rules. Resolutions from cooperatives, local governments and school districts also support the repeal. Supporters delivered the petitions to the New Mexico Environmental Improvement Board (EIB) on the first day of public hearings regarding the repeal of the rules. In late 2010, the EIB approved state rules requiring reductions in greenhouse gas emissions in New Mexico. However, a required economic analysis of the rules’ effects on New Mexico’s economy, job growth and electricity rates was not completed prior to the approval. An economic analysis of the cap-and-trade rule completed since the rules’ passing found its costs far outweigh the insignificant reductions in greenhouse gases. Specifically, the analysis found the rule would: * Reduce New Mexico’s economic output by $828 million to $1.6 billion through 2030 * Reduce New Mexico job creation by 649 to 1,736 workers by 2020 * Reduce global greenhouse gas emissions annually by two to six thousandths of one percent (0.002 – 0.006%)...more