Some of the hot air bellowing out of this country can be traced back to congress this week; The House passed new cap and trade policy on Friday (219 votes to 212). The bill is championed by Nancy Pelosi, as an avenue to create new jobs. Other advocates claim it will pave the way for 80% reduction in emissions over the next few decades.

Despite support from key democrats and the White House, critics say the bill has far too many subsidies and loopholes to make any significant impact on the environment. In fact, cap and trade seems to be more beneficial to special interests and utilities companies than any impact to the environment, with profits likely to increase, leaving me to wonder who the bill is really designed to benefit. Massive offsets available to polluters will not eliminate fossil fuels cost savings advantage, and are likely to repeat similar failed attempts to reduce carbon emissions in Spain and Australia.

According to a Washington Post-ABC News poll, less than half of Americans support a cap and trade approach to greenhouse reductions. Compared to surveys last year, fewer want to spend more on greener energy alternatives, and could be a result of the slowing economy and consumers tightening their belts.

Bottom line: cap and trade is just another big tax on the American people. As Warren Buffet said, it is just going to be passed onto the consumers in the form of higher energy costs.