European Carbon Market Raised Energy Prices

If there were any more proof needed that carbon emissions trading is just plain wrong, how about Britain's own report that the EU carbon market raised energy prices by 72 percent in one year. I have written before that carbon trading will not have the intended effect of hurting the energy industry so that they will invest in alternative or renewable sources. The energy companies will just pass on the costs to consumers, which is exactly what happened in Europe. Now, they tell us, that under the rules of the EU carbon market, energy companies will profit from the scheme to the tune of 1.5 billion dollars a year. This is why you don't trust a free market system designed by socialists. Is it any wonder that the capitalist pig energy utilities found a way to game the system to their profit?

Poor Europe. The carbon market designed to increase energy prices worked, but the utilities just passed on the cost to the consumers. All the free credits they got to entice them to join the market, will net them profit. Most EU nations have to charge their citizens a carbon tax to prop up the value of a carbon tonne, whose price keeps falling as the countries find out they are actually emitting less carbon than they thought, and the value will keep falling as their fraction of global emissions keeps shrinking due to China's and India's increasing contribution. And people wondered why America decided not to ratify Kyoto (unanimously) on Vice President Algore's watch.