“The signs are that if a bill does somehow pass, it will be ugly,” says an FT editorial today of a proposed US cap and trade scheme. The debates around the Waxman-Markey bill, thought to be the best hope of getting a scheme approved, are already turning ugly.
Oil companies are not happy, and neither are some environmentalists. Republicans and quite a few Democrats are also opposed. Some of the political opposition is explained by constituency: those from electorates with more carbon intensive industries are the most likely to be opposed.
But there are also concerns that it will punish American industries in favour of imports, and harm those on low incomes – just to name a few.





