My heart sank when I saw this ... because there's no way that I know of for home-gamers to short this sucker's bet:
Carbon dioxide permits in the U.S. Northeast’s cap-and-trade program tumbled to a record low price at auction amid a surplus of the pollution rights and doubts that Congress will create a national emissions market this year.Posted by Cjunk at June 15, 2010 11:02 AMThe Regional Greenhouse Gas Initiative sold 40.7 million permits for $1.88 each, 19 cents lower than the last auction held in March and 2 cents above the minimum allowable bid, the cap-and-trade program said on its website today. Each permit in the carbon trading program for power plants from Maryland to Maine represents one ton of carbon dioxide.
Those permits come from the regional carbon trading program’s first phase, or “control period,” from 2009 to 2011. This week’s auction, held June 9 with the results withheld until today, also offered 2.14 million permits from the 2012-to-2014 control period. They went for $1.86.
“Prices are a lot lower than expected,” Tim Cheung, an analyst with Bloomberg New Energy Finance in New York, said in a telephone interview. “Demand for power hasn’t increased with the economic recovery and that means there’s an oversupply of permits in the market.”
It seems that the biggest scam in history is collapsing in a manner similar to the collapse of the Soviet Union.
Incremental crumbling...towards a cascade failure.
Cannot happen soon enough, sasquatch.
Posted by: Colin from Mission B.C. at June 15, 2010 12:02 PM"Demand for power isn't increasing with the economic recovery."
Yeah, there's and economic recovery, Obama said so. Saying there is one is like saying somebody is growing, but it just hasn't shown up on the measuring tape yet. The problem with these kool-aide souses is that they don't even know what thinking feels like anymore.
Posted by: tim in vermont at June 15, 2010 12:03 PMAgreed, this is good news.
However, Harper and Prentice have been convinced by the radical environmental lobby groups to put "climate change" on the G8 and G20 agenda.
Posted by: Ken (Kulak) at June 15, 2010 12:05 PMThe beauty of this is, every one of the losers deserves his fate. Rarely is justice delivered with such precision. I can detect no "collateral damage".
Posted by: RSP at June 15, 2010 2:15 PM"It seems that the biggest scam in history is collapsing"
I'm not so certain. As we all know, it's not about the environment, it's about implementing a tax. The President will give his speech from the Oval Office today and plead his case to America that a Carbon tax is more necessary now than ever. I can hear it now " the incident in the Gulf is a sign that its imperative we finance and accelerate the conversion to sustainable and green forms of energy. We do this by adding a disincentive for using fossil fuels, hence the Carbon tax. This tax will also help us wade the rough financial waters we find ourselves in; and, national security... blah... blah".
I speculated before that the Democrats would attempt and likely be successful in 2011 passing the bill through the Senate. I believe the GOP is much more apathetic to this bill than the previous healthcare bill because this Carbon tax will be a revenue generator. What's changed is an unexpected window of opportunity has presented itself, or a "crisis" as some would call it. We've seen with "reconciliation" that 51 votes can get it done in the Senate. I don't think the GOP will have solidarity on this issue; I think they'll get it done.
Then, it's on to part III of the plan: Amnesty.
Oh yeah, they'll get that done also.
Like I said a few weeks back: "had McCain won the election, the Cabon Tax would have been passed already".
Posted by: Indiana Homez at June 15, 2010 2:57 PMYou could be right, Indiana. Were employment levels higher and the economy in better shape, you would be right. As it is, though, I doubt that even the average Democrat has enough ideological zeal to burden the economy with an carbon tax. But who knows? Look what they've done already.
Posted by: RSP at June 15, 2010 3:19 PMThis is a simple fix. The real problem seems to be an oversupply of permits.
Syncro
Posted by: syncrodox at June 15, 2010 3:43 PMA sign of the times.
TimesUK has switched its website.
Its former "Environment" pages seem to have disappeared; no replacement to be found.
http://www.thetimes.co.uk/tto/public/article2556412.ece
Posted by: maz2 at June 15, 2010 3:47 PMI hope you're right RSP, because our Prime Minister has already acknowledged that we will mimic whatever happens down south.
Posted by: Indiana Homez at June 15, 2010 5:07 PMSome very wealthy and powerful people are now taking a bath on this "can't lose" scam. They can't be very pleased with the performance of their bought and paid for political hacks and MSM bootlickers.
Posted by: Sgt Lejaune at June 15, 2010 5:12 PMInconvenient Truth?
Al Gore's split from wife Tipper after 40 years of marriage was a shock to everyone who thought theirs was the ideal marriage. Now Star can exclusively reveal that the former Vice President was having an affair with Larry David's ex-wife — for the past two years! Star has learned that Al has been having an affair with Laurie, who divorced Seinfeld creator and Curb Your Enthusiasm star Larry David in 2007 amidst reports she was cheating with the caretaker of their Martha's Vineyard summer home.
Where do you split carbon credits?
Posted by: Fearless Leader at June 15, 2010 5:13 PMhttp://blogs.tampabay.com/juice/images/2007/07/20/tbddavid072307.jpg
With all that money I think Gore could have bought better?
does she color her hair?
I still don't understand how these permits are on the market. Has there been a law passed that created the permits?
What if we started an exchange to sell crude oil leaking permits? Could we get away with that?
I'll bet that light sweet crude leaking permits will be an easier sell than other grades; Arab light comes to mind, don't want that sh#t leaking in my neighbourhood, permit or not.
Posted by: otterdriver at June 16, 2010 12:02 AMIndiana,
I agree with everything you've said in your first paragraph, but not in the second. Yes, it's just a tax, but remember that it affects different states very differently. It hits hardest those areas with high concentrations of primary industry including agriculture and energy. In general, those are Republican states.
No, the Republicans have to resist this to the bitter end or it's an economic disaster for their voters.
Ken,
Of course they put climate change back on the G8 table. It's an easy and meaningless sop to keep the Green yaps shut for the moment. And what do you think will happen to it there? Absolutely nothing, same as every other G8 meeting before. Let alone what will happen when the G20 get hold of it.
And do you truly believe that Harper and Prentice don't know this? Do try to remember that the best way to open a door is NOT pounding on it with your forehead. Better yet, go back to Shakespeare and read again Mark Antony's speech "I come not to praise Caesar but to bury him" in which he then proceeds to have all of the conspirators hounded out of Rome.
When are you people going to get it through your heads? Global warming will always be on the agenda and nothing will ever be done. Copenhagen was the end of the line, but the issue will continue to have a zombie-like existence for the next half century or so. And as the BASIC nations become a larger and larger part of the world's economy, the UNFCCC and Agenda 21 becomes increasingly irrelevant.
Until it gives way to another environmentalist-media fostered mass delusion.
Posted by: cgh at June 16, 2010 12:13 AMcgh
I have considered the Red Blue state issue, but I suspect odds are TOTUS and co. can swing one or two Republicans for the right price. Two shut-outs doesn't seems like long odds. How will McCain vote? Also, I predict that the Dems will force it though the Senate "by any means", even if its not legal. Once the tax is in, it's over, regardless of what the courts say.
Politically speaking, these guys are good.
Posted by: Indiana Homez at June 16, 2010 12:44 AMMeanwhile here in BC the school districts have to buy Carbon Credits from Campbell @ $25.00 per ton after their funding has been cut. Brilliant!! Now our property taxes are being increased to cover the shortfall. However i am sure that Campbell`s Liberal buddies will make good use of this multi million windfall!!
As a comparison on the Chicago Climate Exchange (CCX) Carbon Credits are trading at .10 cents per tonne!
Posted by: Al W at June 16, 2010 1:01 AMcgh: "but the issue will continue to have a zombie-like existence for the next half century or so"
... only because Western countries ... all of them; are led by hacks, not inspired visionaries, or even gifted communicators. Chris Christie describes them perfectly as always saving a back door out ... you can never quite trust what they say or do.
What you are describing party insiders like to call "ragging the puck" ... which is a game for hacks too unskilled in moving public opinion, or so slimey, that they never commit. Entire countries have been lost by this class of bureaucrat/politician.
If AGW is taken down, it'll be because citizen warriors (ie. WUWT, Monckton, Jo Nova, etc) did the work of PM Harper and all other technocrats who weasal around the corridors of power. We are led by cowards ... double dealing, skulking, cowards.
... when will you get that "through your head".
Posted by: Cjunk at June 16, 2010 1:39 AMAll going well the Americanism of a dime a dozen, seems the destiny of the Goldman sacs Gore tax. One can only hope that Tipper takes his real wealth and leaves Al with his carbon investments. That would be poetic justice.
Posted by: Wayne Job at June 16, 2010 8:28 AMAll going well the Americanism of a dime a dozen, seems the destiny of the Goldman sacs Gore tax. One can only hope that Tipper takes his real wealth and leaves Al with his carbon investments. That would be poetic justice.
Posted by: Wayne Job at June 16, 2010 8:29 AMcjunk: "If AGW is taken down..."
That's my point. It won't be. It's simply that nothing will ever be done about it. You are describing what should be. I'm describing what is and will be.
"We are led by cowards ... double dealing, skulking, cowards."
We are always led by such in any elected democracy these days. When will YOU get that through your head.
Posted by: cgh at June 16, 2010 8:30 AMcgh: "We are always led by such
... if this were true, there would be no Western civilization. Western democracies have regularily dished up plain spoken, truth speaking, leaders.
ps: Just about forgot :)
"When will YOU wrap your head around that!"
Posted by: Cjunk at June 16, 2010 11:24 AMcjunk wrote: "ragging the puck"
I'd like to see this euphemism used more responsibly.
For American readers, see http://en.wiktionary.org/wiki/rag_the_puck
Posted by: PiperPaul at June 16, 2010 12:16 PM