Cheat-Seeking Missles

Wednesday, May 14, 2008

Bush Authors Polar Disaster

It looks like very, very bad news on the polar bear front:

WASHINGTON -- The Bush Administration Wednesday handed environmentalists a major victory, determining there was sufficient scientific evidence to declare the polar bear a threatened species, according to several people close to the matter.

Opponents said it could not only trigger major new obstacles for oil companies seeking to drill in the Arctic -- where some of the last remaining reserves are to be found -- but could also potentially affect nearly every regulatory decision that might impact global warming, including decisions for coal power plants. (WSJ)

The ruling isn't out yet, and this could be a bad early read. But if they're right and the Bush administration folded to the Greens on this issue, it will be a legacy-maker for him ... and certainly not a good one.

If you play the markets, know that if the decision comes down the way the WSJ says it will, oil prices will continue to rise. Good for Big Oil, bad for everyone else.

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