News Release Details

Indiana-based CountryMark will join government agencies and other private industry leaders in testifying on proposed Cap and Trade legislation this week before the U.S. Senate Environment and Public Works Committee.

“This is a valuable opportunity for CountryMark to represent our employees, our cooperative system, our customers, and the competitive viability of rural Indiana,” said Matt Smorch, CountryMark Vice President of Strategic Planning. “We’re at a critical juncture in this legislative process. It is vital that the U.S. Senate understand the real costs associated with this legislation. The proposed cap and trade legislation will cost American jobs and will increase the cost of living in this country. Possibly worst of all, scientists agree that the proposed cap and trade legislation will have little to no impact on the environment.”

Smorch will deliver CountryMark’s testimony on Thursday, October 29. It will mark the third day of Cap and Trade testimony this week for the Senate Environment and Public Works Committee. Hearings will begin Thursday at 9:30 a.m. EST and will be webcast at http://epw.senate.gov.

Highlights of CountryMark’s testimony will include the following facts:

• The current Cap and Trade legislation pending in Congress is the single biggest threat to the viability of Indiana-based CountryMark. It’s estimated that the cost of the carbon taxes to CountryMark will exceed $100 million per year. In its current form, Cap and Trade legislation will put American energy companies, like CountryMark, out of business.

• Beyond petroleum, climate taxes will adversely affect virtually all aspects of production agriculture. Doanne Advisory Services reports that under Cap and Trade, farming costs will increase over $80 per acre for corn production, $20 per acre for soybean production and $30 per acre for wheat production.

• It is expected that electric bills in the Midwest will double, gasoline and diesel fuel costs will increase in cost by 77 cents a gallon, and millions of American jobs will be lost.

• Climatologists acknowledge this legislation will do little to nothing about climate. The Administration’s climate models estimate that Cap and Trade measures will reduce global temperature by 0.2 degrees in 100 years.

Concerned Americans are encouraged to call or send a letter to their U.S. Senators. U.S. Senate phone numbers and sample letters are available behind the legislative affairs icon at www.countrymark.com.

Click here for a written copy of CountryMark's Testimony to the Senate Environment and Public Works Committee.

Photo: CountryMark Vice President of Strategic Marketing Matt Smorch