Climate Bill Will be Backed by Three Big Oil Companies
As for the bill itself, only a few new details emerged: it will not include a gas tax, instead issuing non-tradeable pollution permits to oil companies (this bit needs more explanation). Agriculture will not be subject to a cap on emissions. Pollution permits would adhere to a "hard price collar," or an upper and lower price limit.
Kerry also confirmed policy points that had already been leaked: the revocation of the EPA's power to regulate greenhouse gases, the elimination of ambitious state emissions reduction programs, a slew of loan guarantees for new nuclear reactors, and funding for clean coal technology. Offshore drilling remains a question mark.
Read Kate Sheppard's rundown here.