Placing a strong cap on greenhouse gas emissions in the US alone would cost Iran $1.8 trillion worth of oil revenues over the next forty years. Every day from now till 2050 – Iran would lose another $100 million.
Using an MIT analysis of the effects of a carbon cap that reduces global warming pollution; WonkRoom has estimated that Iran stands the most to lose from climate and energy legislation pending in the US Senate.
Oil production is worth $120 billion a year to Iran. It holds the world’s second largest oil and gas reserves after Saudi Arabia.
However, the MIT analysis that WonkRoom looked at is of the older 2007 version of the original 2007 bill, in which emissions cuts are more ambitious than now. The 2007 version of the current climate and energy legislation met the Union of Concerned Scientists requirements to cut emissions 80% by 2050 relative to 1990 levels.
Current legislation only aims on cuts relative to 2005 levels, and even that bill (CEJAPA) was boycotted by all seven Republicans on the committee, thinking that that would invalidate it. It passed out of committee with the Democrats voting eleven Yeas to one Nay. (Baucus (D-MT) was the Nay vote, in his first vote against renewable energy.)
As a result, the carbon caps the Senate is considering this year are looser than in 2007, with that more recent baseline. So let’s see Fox call for Senators to Step it Up!
Image: Flikr user foramenglow
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