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Putting a price on carbon

Whether and how to put a price on carbon has been something of a hot topic this week, primarily due to the proposal of a landmark climate change bill to the US Senate that would “cap and trade” emissions of the greenhouse gas. Perhaps somewhat unsurprisingly, the climate change bill offered by Senators Boxer, Lieberman, and Warner died today in the Senate after Democrat leaders fell a dozen votes short of the 60 needed to defeat Republican obstruction. Republicans opposed the global warming bill over fears of the economic costs of pricing the greenhouse gas, though Democrats argued there would 

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