Perry: Cap-and-trade could hurt Texas

Texas Gov. Rick Perry said Tuesday that proposed cap-and-trade legislation and possible regulation of CO2 by the U.S. Environmental Protection Agency could be harmful to the Texas economy.

Texas provides 20% of the nation’s oil production, Perry said in a statement.

“The threat to our energy industry and economy as a whole comes from the Waxman-Markey energy bill, which emphasizes cap-and-trade agreements and would end up being the largest tax increase in the history of our country.

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