To cut emissions means people and industry must use much less petrol, consume much less electricity, and pay enormously for the reduced energy they do use . The resulting cost pressure on Industry would result in a large scale shedding of jobs, partly through cost minimisation and partly through outright industry closures. The loss of job opportunities for young people in particular would be the most socially distressing aspect of the inevitable economic decline post-Kyoto. The prices of major products whose cost inputs contain a high fossil fuel component, particularly heavy industries, would also see dramatic price rises. But there is an ironic sting in the tail.
Inelastic products are insensitive to price .
In other words, the consumption of products such as petrol and electricity change very little when their price changes, and so a tax on them has to be quite enormous in order to effect a quite modest overall reduction in consumption. Various economic studies by governments, universities and private think-tanks all over the world have all reached a somewhat similar conclusion. This means, in simple terms, that your heating and electricity bills will be doubled and your weekly expenditure on petrol will be doubled . Other products and services will also rise sharply in price if they have a major fossil fuel component in their production. As shown elsewhere on this website, it is neither real nor is it imminent, but the push is now on to convince the public anyway.