Related common sense article: Bound to Burn by Peter W. Huber. Some key points:
- We don't control the global supply of carbon.
- We don't control the global supply either of oil or of coal.
- We no longer control the global demand for carbon.
- Poor countries do, and they have no commitment to their continued poverty through increasing the costs of carbon consumption by carbon taxes.
It doesn't make sense for the US to unilaterally cap carbon when China and other developing nations won't play the same game. This will do nothing to reduce CO2.
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