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The Purple Energy Plan

We, the undersigned, support the following principles governing America's energy policy and endorse immediate implementation of the Purple Energy Plan.

An Energy Policy that Protects Our Children, Ourselves, and Our Country

  1. We adults are custodians for our children's future.
  2. Our parental and moral duty is to leave our children with a cleaner and safer environment than we inherited.
  3. We are doing the opposite. With each passing day, we are doing more permanent damage to the environment that sustains us.
  4. And much of the money we are spending on oil goes directly into the pockets of those who would do us harm. Consequently, every dollar spent on oil comes with two extra costs -- an environmental cost and a national security cost.
  5. It's high time to price fossil fuels in light of their damage and threat to our children, ourselves, and our country.
  6. Economists agree that taxing carbon and eliminating subsidies to the production of dirty energy is the most efficient and fair method for dealing with our dirty energy problem.
  7. Taxing carbon entails much less government regulation and intrusion in the marketplace than cap and trade and other policies to restrict dirty energy.
  8. Taxing carbon will provide resources to dramatically raise R&D on clean energy. Federal clean energy R&D expenditures are now only $5 billion, which is remarkably low.

The Purple Energy Plan

  1. Tax the burning of fossil fuels—coal, oil-based products such as gasoline, aviation fuel, and motor oil, and natural gas—in proportion to their carbon content or to their carbon-equivalent content (to deal with emissions of other gases contributing to climate change).
  2. Use the proceeds of this carbon tax to quintuple R&D on clean energy and carbon capture and sequestration, provide transition assistance to workers and ongoing assistance to low-income households adversely affected by the tax, subsidize clean energy production and use, and reduce the deficit.
  3. Adjust the level of the carbon tax to set a floor to the price of dirty energy. When the world price of dirty energy rises, the tax will be reduced. When the price of dirty energy falls, the tax will be raised.
  4. Eliminate all existing subsidization of the production and exploration of dirty energy.
  5. Set the initial carbon tax at $25 per metric ton of CO2. This will raise the price of gasoline at the pump by roughly 25 cents per gallon and generate approximately $100 billion in first-year revenue.
  6. Increase the carbon tax by 5 percent above inflation each year for the next 30 years. By 2040, the carbon tax will raise the inflation-adjusted price per gallon of gasoline by an estimated $1.00.
  7. If the weighted average wholesale price of dirty energy falls, raise the carbon tax to maintain its retail price on its projected desired path. If the weighted average wholesale price of dirty energy rises (for reasons other than monopoly pricing by OPEC), reduce the carbon tax to remain as close as possible to the desired dirty energy retail price path.
  8. Maintain tough energy efficiency (CAFE) standards for motor vehicles.
  9. Encourage other countries to adopt a carbon tax.
  10. Impose dirty energy tariffs, in consultation with the World Trade Organization, on the importation of goods from countries not adopting and effectively implementing a significant carbon tax or the equivalent cap and trade policy. These tariffs would be set in light of the dirty energy content of the imports in question.