Do the Polar Bear Fizzle
It is no coincidence. At about 2:30 pm, the EPA issued the silly proclamation that the polar bear is an endangered species due to melting arctic ice caused by global warming. It is well known that this is a major victory for environmentalists as it gives them another legal bat to beat business over the head with. Emit carbon? You're killing the polar bears and prepare to get sued. New energy supplies to support our growing economy? Fine, just not coal or oil or gas. Enjoying high energy prices? Get used to them. They just got harder to lower, regardless of what the Fed does. So what happened to the nice rally that was driven by today's inflation data? Toast.
Think I'm kidding? Wake up. This is terrible news for the economy and for the stock market. All this despite that the principal habitat for the polar bear lies outside of the borders of the United States. No matter to the mind of a regulator, they feel they can extend the hand of regulation anywhere they choose.
UPDATE: Whoops. Not so fast. I stand by my claim that the decision fizzled the rally, but apparently the fine print is worth reading. Environmentalists ain't happy...
"The decision includes guidelines to make sure the Endangered Species Act isn't used as a ```back door'' way to restrict greenhouse gases, said Kempthorne, who said his decision was based on melting sea ice. He said the guidelines ``will ensure the protection of the bear while allowing us to continue to develop our natural resources in the Arctic region in an environmentally sound way.''
Environmental groups denounced the decision. The Sierra Club said it was ``riddled with loopholes, caveats and backhanded language that could actually undermine protections for the polar bear and other species,'' said Carl Pope, the group's director.
Actually, looks like no one is happy...
"The Alaska Oil and Gas Association, which represents 17 oil companies that do business in the state, expects environmental groups to sue to block Arctic oil exploration, said Marilyn Crockett, the group's executive director, in a phone interview today. ``We are very disappointed,'' she said. "
Expect more court battles.
Think I'm kidding? Wake up. This is terrible news for the economy and for the stock market. All this despite that the principal habitat for the polar bear lies outside of the borders of the United States. No matter to the mind of a regulator, they feel they can extend the hand of regulation anywhere they choose.
UPDATE: Whoops. Not so fast. I stand by my claim that the decision fizzled the rally, but apparently the fine print is worth reading. Environmentalists ain't happy...
"The decision includes guidelines to make sure the Endangered Species Act isn't used as a ```back door'' way to restrict greenhouse gases, said Kempthorne, who said his decision was based on melting sea ice. He said the guidelines ``will ensure the protection of the bear while allowing us to continue to develop our natural resources in the Arctic region in an environmentally sound way.''
Environmental groups denounced the decision. The Sierra Club said it was ``riddled with loopholes, caveats and backhanded language that could actually undermine protections for the polar bear and other species,'' said Carl Pope, the group's director.
Actually, looks like no one is happy...
"The Alaska Oil and Gas Association, which represents 17 oil companies that do business in the state, expects environmental groups to sue to block Arctic oil exploration, said Marilyn Crockett, the group's executive director, in a phone interview today. ``We are very disappointed,'' she said. "
Expect more court battles.
posted by Donny Baseball at 3:38 PM
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