According to National Review Online:
Global warming-inspired cap and trade has been one of the most stridently debated public policy controversies of the past 15 years. But it is dying a quiet death. In a little reported move, the Chicago Climate Exchange (CCX) announced on Oct. 21 that it will be ending carbon trading – the only purpose for which it was founded– this year.
At its founding in November 2000, it was estimated that the size of CCX’s carbon trading market could reach $500 billion. That estimate ballooned over the years to $10 trillion. CCX attracted such big name climate investors as Goldman Sachs and Al Gore’s Generation Investment Management.
On the way to the CCX’s highly anticipated looting of taxpayers and consumers, due to Climategate– cap-and-trade imploded. CCX’s panicked original investors bailed out this spring, unloading the dog and its across-the-pond cousin, the European Climate Exchange (ECX). (Source)
Report: Al Gore Reverses View on Ethanol, Blames Politics for Previous Support
“It is not a good policy to have these massive subsidies for first-generation ethanol,” Reuters quoted Gore saying of the U.S. policy that is about to come up for congressional review. “First-generation ethanol I think was a mistake. The energy conversion ratios are at best very small.
“One of the reasons I made that mistake is that I paid particular attention to the farmers in my home state of Tennessee, and I had a certain fondness for the farmers in the state of Iowa because I was about to run for president,” the wire service reported Gore saying.
The lesson here is that the push for alcohol fuels was never about efficiency but about money and politics. In hindsight, and with all due respect to the member posting all the pro-alcohol stories, ethanol was never carbon neutral, and because ethanol does not contain the energy of hydrocarbons you have to buy and burn more ethanol to obtain the same amount of actual work. Finally, as many owners of older cars have discovered to their horror, fuel systems are not designed to work with alcohol and the gaskets and other soft parts were destroyed by alcohol. New cars are designed to work with both fuels (so they say) and cost more money for the additional components. (Source: Comments on the story at What Really Happened blog, http://whatreallyhappened.com/)