It is because of your opposition to direct carbon taxes that I am confused why you would have anything good to say about this bill. The auction system is a tax grab, not a market establishing mechanism. It will not necessarily reduce CO2 emissions, only make them costlier. It will not drive the technologies and efficiencies necessary for my goal to replace fossil fuels or your goal to reduce CO2. It is not a true cap and trade system.

There is a better way to approach the trade side of cap/trade, a way that will maximize technology and efficiency deployment. I started to outline an effective market scheme on another thread that is no doubt lost in the volume of your live blog postings. Once this bill goes to its well deserved demise, I’ll lay it out again in more detail. I think you’re going to like it.

I have repeatedly said that raising gas prices through climate legislation is almost irrelevant to achieving 450 ppm. Now I do expect gas prices to continue to rise because of peak oil and because conservative blocked most major efforts to encourage fuel efficiency or alternatives for decades.