Yes, but that won't be evident until after the 2012 election. Cap-and-trade will start out with a measurement phase to determine a baseline, which will take time, and the initial limits will likely be current emissions plus some fudge factor. Some time
AFTER November of 2012, if God forbid the Dems are still in power, the screws will tighten and growth will have used up all the slack in the baseline, and THEN there will be Hell to pay.