Low auction result helps legal case for cap-and-trade
OPINION: When the California Air Resources Board released the results of its May auction of carbon allowances, audible gasps from around the state could be heard from the space station. I kid – but only just a little. The auction results did in fact create a great shock: many had expected at least half a billion dollars to be collected at the quarterly auction, but the auction generated only about ten million dollars. But here’s the truth: The super-low May auction result should actually help the State’s legal defense of cap-and-trade.