Such legislation has grown all but inevitable. Although President Bush opposes carbon caps, Democratic presidential candidates Hillary Clinton and Barack Obama, and Republican front-runner John McCain all favor curbs. Many analysts expect a law to be passed by 2010 and caps to start as early as 2012.

Under a bill that cleared a Senate committee in December, global-warming discharges by major polluting U.S. industries would be cut 71% by 2050. A cap and trade system would be created to spur progress. Utilities, oil companies and manufacturers that exceed their emissions caps would buy allowances — which don't yet exist — from others in those industries that fall under their limits. Unlike an offset, which is a ton of carbon extracted from the air, an allowance lets a company emit a ton of CO₂.

The number of allowances would fall over the years, driving up prices, as the government lowers maximum emissions.   Read rest of story...

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