Editorial: Energy prices and Kyoto

Abnormally high oil and gas prices don’t just lift profits of oil and gas companies. They also clarify the self-destructive tendencies of political mistakes like the Kyoto Treaty on Climate Change.In the very year it took force, Kyoto has begun to unravel. Countries whose governments are its staunchest supporters won’t meet the treaty’s targets-widely acknowledged as only initial steps-for cutting emissions of greenhouse gases. And energy consumers have now endured sharp increases in prices of oil and gas and don’t like the experience. In the US, they’re downright surly about it.Political responsesAmerican politicians have gone loony over oil and gas prices t...

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