Pundits everywhere are passing judgment on the climate-change deal reached in Copenhagen early Saturday. The market is too—and it isn’t mincing words.
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Crude oil futures are tickling $75 a barrel on geopolitical worries after fresh attacks on Iraqi pipelines and renewed violence in Nigeria, Bloomberg reports . The biggest U.S. experiment so far in capping greenhouse-gas emissions and trading those pollution permits has run into a problem: There are more permits than needed, sending their prices plunging. Iberdrola, the big Spanish renewable-energy company, got plenty of U.S. government money to help its clean-energy push Social media has been credited with everything from firing up protesters in Tehran to boosting the career of Ashton Kutcher. Now, the U.N Democrats on the Hill seem to be making progress in winning more support for a cap-and-trade bill. Republicans are redoubling their opposition. Replacing oil with home-grown biofuels is already proving to be an environmental headache for Washington. Fixing that could turn out to be an expensive headache, as well. Environmental groups Earth Track and Friends of the Earth just put out a study quantifying biofuels subsidies through 2022, as the U.S. |
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