Climate change isn't going to be free. A report by Point Carbon, an independent consulting company that tracks global carbon and energy markets, estimates that U.S. climate legislation could push the price at the pump 13 cents a gallon higher. The increase would result from the cost to oil companies for carbon permits, which they can pass along to consumers.
This is a much rosier view than that of the oil industry, however, which believes a U.S. cap-and-trade system would thrash demand for gasoline and lead to the shuttering of many refineries.
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