California’s Cap-and-Trade Extension: A Costly Gamble Against American Energy Independence

California stands at a crossroads where ideology threatens to overshadow common sense. State legislators, under the leadership of Governor Gavin Newsom, are rushing to extend the cap-and-trade program through 2045—a move cloaked in lofty environmental promises but fraught with economic peril for everyday Americans. Who Bears the Burden of Ambitious Climate Targets? Since its launch in 2013, California's cap-and-trade system has allowed major greenhouse gas emitters to buy emission allowances from the state. While touted as a market-based solution to climate change, this program has contributed directly to soaring utility bills and gas prices—the highest in the nation. The proposed...