Environmental Capital - WSJ.com : Inconvenient Truth: Why Pricey Oil Can Make Tackling Climate Harder
People concerned about global warming tend to cheer surging oil prices, figuring that will spur less-polluting alternatives. Perhaps those people should think again.
In Europe, natural gas prices track crude oil. Recent crude price spikes have driven natural gas prices higher, too. That has made natural gas even less-competitive against traditional fuels like coal.
So, say carbon-market analysts Point Carbon, the oil price spike is leading some European power companies to switch from burning pricey gas to relatively cheaper coal, then covering their pollution by buying carbon credits in Europe’s carbon trading scheme.
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