Bush Authors Polar Disaster
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.
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)
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.