Obama is planning a carbon cap and trade system to reduce CO2 emissions. This is effectively a tax on energy, and will ricochet throughout the entire economy, and will, in my opinion, destroy the economy of the US. Gasoline, electricity, and all products that use those commodities will cost more. Here is a comment on this from MacRanger:

Obama’s Planned Gas Tax Voodoo
01 Mar

Posted by MacRanger as Barack Obama

Surely liking the price of gas these days, but they are soon to end. Buried down in Obama’s new budget are tax increases and repeals of tax breaks on gas companies that when totaled will increase your pain at the pump to the tune of $1.50 a gallon.

This is on top of their plan to tax your usage as well. Although the Obama administration is denying the latter, the underpinnings are already in the proposed budget. All of this is included in a whopping one-trillion dollar tax increase to begin in 2011.

But let’s look at what that $1.50 increase in gas will do to our economy.

1. The aforementioned pain at the pump. Since Democrats were in such a hurry to blame gas company execs for the increase last year, who will they blame it on now?

2. The cost of consumables will skyrocket at a time when inflation is already in place. Say hello to $7.00 tomatoes, $6.00 for a gallon of milk.

3. Higher prices for commercial travel, and incidently more airlines forced to shut their doors due to higher fuel cost and lack of passengers due to to the fact they can’t afford to fly.

In other words it will have huge negative affects.