http://www.torontosun.com/news/decision2011/2011/04/03/17862791.html Ignatieff proposed a new, national cap-and-trade scheme to reduce carbon emissions that economists say will hurt Alberta's economy. It comes at a time when Canada's resource-rich western provinces are driving much of the nation's growth. Economist Andrew Leach said the Liberal plan lacks detail but estimates its proposed caps would restrict development in the oilpatch. The plan limits total emissions across the country and would require companies to buy or trade expensive carbon credits if they exceed caps. "This massive Ignatieff-Liberal tax hike would slam the brakes on our recovery and kill jobs across the country," Menzies said. "It is a reckless policy that would do irreparable harm to our economy at a time when our recovery remains fragile." Consumers take the ultimate hit in either a carbon tax or a cap-and-trade system, since both increase the cost of hundreds of goods and services which rely on fossil fuels (oil, coal and natural gas) to be created, produced or transported. Europe's five-year-old emissions trading scheme has resulted in skyrocketing electricity prices for European consumers and windfall profits for giant energy corporations. It has also been beset by multi-billion-dollar frauds perpetrated by organized criminals who game the rules of the system.