In the absence of Congressional cooperation on carbon regulations, the Obama administration is using the Clean Air Act to regulate carbon emissions starting on the largest emitters, Aldy said.

FORBES: Obama Versus Romney On Energy -- In Depth This Time

Aldy said the economic benefits from avoided health problems and saved lives are clear while Cass said the cost to industry to adhere to the air pollution limits is not worth it.

FORBES: Obama Versus Romney On Energy -- In Depth This Time