Global warming has a price. So does turning down the world’s thermostat. The question is, who pays for reducing greenhouse gases? And is the burden shared — or shifted unfairly?

The legislation would penalize Texas because it is the nation’s energy capital and a manufacturing center.

Texas could lose 135,000 to 277,000 jobs in 2012, the first year of the proposed cap-and-trade regulation. The average Texas household could pay up to an extra $1,136 on household goods and services over a year with a total potential cost to Texas families of 6.9 billion.

Is this the best approach? How can we fully mitigate the impact? Will Congress have the money to stimulate a green economy to replace lost jobs?