An Argument for Greenhouse Gas Cap and Trade

Massachusetts's Secretary of Energy cogently argues for auctions. Here's the full text, excerpt below.

By setting a national cap on greenhouse gas emissions and running a national auction for emissions permits under the cap, the federal government could accrue tens of billions annually. With that money, Washington could offer irresistible financial incentives for the states to do what only states have the authority to do. It is, after all, the states that regulate utilities, determine the locations of power plants, dictate building codes and make land-use decisions. That means the low-hanging fruit for emissions cuts is to be found in the states’ orchards.