Senator Lindsey Graham was quoted this week saying that a new climate and energy proposal will be released "hopefully in the next couple weeks." The new plan will not install a comprehensive cap and trade program over all industries. Instead the legislation will take steps to incorporate different industries over a longer period of time. Power plants would be the first industry to face a cap on emissions. The stall plan is the work of oil industries who believe that the House bill went to far in limiting their carbon emissions. The move is probably good politics considering these are turbulent times and support for comprehensive legislation will be needed from all sides. The other important note to make is that regulation on utility emissions would start on day one. Considering EPA estimates that power plants are responsible for over 70% of all carbon emissions this is a smart move.
Of course I can imagine 5 years down the road the oil industry will be pushing to have their cap and trade compliance further delayed. It would be nice to have it all set in one swoop, of course this legislation probably all hinges on the outcome of healthcare. ( I can't believe we're still talking about it)
If you all are interested in keeping up with environmental policy I highly recommend Greenwire.