In this week's Big 2 Energy Report, we conclude our series focusing on the oil spill in the Gulf, and how it's prompted the President and his administration to begin paying more attention to legislation that would help the environment by putting a cap on the amount of emissions the U.S. could release into the air. While some say Cap-And-Trade would be far too expensive, the President says we can't afford to continue on without it.
But a Harvard University study may be turning more and more people against Obama's plan. One of the President's goals is to cut emissions from the transportation sector by 14%. Harvard's study concluded that, in order to meet Obama's goal, gasoline prices would have to cost more that $7-a-gallon by the year 2020.
Big 2 spoke with area residents to see how much that meant they would have to spend. One Midland man, who has four teenage drivers, would end up paying over $57,000 a year on gasoline.
But the cost to fill up at the pump is only one expense. Tax payers would also have to fork over a lot more cash to help fund city transportion. After speaking with the City of Midland, we learned that the cost is anything but cheap!
Click on the video for the full report.