The only lower price than today’s closing price on a ton of carbon is ZERO
Perhaps reacting to the news yesterday about the IPCC getting taken to the woodshed, the growing number of stories in the MSM about the IPCC failure, and the recent layoffs at CCX, carbon trading has once again been devalued by the market. Amazingly, it lost 50% of it’s value for 2006, 2007, and 2008 “carbon instruments” today. Here’s the CCX front page graph at closing today:
The CCX end of day table really says it all, 50% off, from a dime to a nickel in a day:
It must have really killed the person to have to put in a nickel for the closing value today.
Charcoal briquettes and coal have more value than a ton of CCX carbon instruments these days.
Unless CCX starts making adjustments in single cents, the next downward adjustment is zero. The latest CCX advisory says they will be closed for labor day, and will reopen for trading September 7th. One wonders.
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It’s still 5 cents too much…
Are they selling futures in their own future yet?
So, for $50.00 I can live pretty much guilt free forever….
How cool is that?
Aren’t markets great?
I wish someone would tell the cretinous “colleagues” in Brussels that their eco-loon game is up…
:0(
Did the CCX flat line around November last year, around the time of Climategate?
Steve, that is exactly what I was thinking. They are not permanently abandoning cap and trade, so if or when that happens, these could go back up to $20.00
rbateman says:
August 31, 2010 at 8:10 pm
“Isn’t Al Gore heavily invested in that exchange?”
I thought Al was one of those who got out at $6-$7.
“I’m obviously having conversations with Mr Crook, “.
Maurice Strong, co-founder of the Chicago Climate Exchange, Canadian UNabomber asks, which coalition you wan? Red-Green, or, Green-Red?
“What we wanted to do was to take effective action on emissions…in a way that does not impose as great big new tax on everyone and everything’’.
“I am confident the regions will always get a better deal from a Liberal-National coalition than it will from a Labor-Greens coalition.’’
…-
“Tony Abbott scorns Labor-Greens deal as bad for rural Australia”
http://www.theaustralian.com.au/national-affairs/tony-abbott-scorns-labor-greens-deal-as-bad-for-rural-australia/story-fn59niix-1225912771195
Well, the EU has an ETS, New Zealand has too. What about Australia, not sure yet, but as NZ and Aussie politics are more like “me too” politics, I’d say Aus will have an ETS soon too (When ever we get a Govn’t that is).
But where does that leave the US and it’s cap and trade when Obama will focus on the economy.
http://www.smh.com.au/world/restoring-us-economy-my-central-mission-obama-20100901-14lqj.html
Not one mention about global warming or climate change at all. Hummmm…..
You buy sixteen tons
of carbon dioxide gas
and what do you get?
A lot more than 16 tonnes of Coca Cola
“Another day older and deeper in debt;
Saint Peter, don’t you call me, ’cause I can’t go—
I owe my soul to the company store”
—Tennessee Ernie Ford (“Sixteen Tons,” written by Merle Travis in 1948, though there is a claim by one George S. Davis that he wrote an earlier version back in the ’30s; see here: http://en.wikipedia.org/wiki/Sixteen_Tons )
/Mr Lynn
Too bad these are non-delivery contracts otherwise CCX could do something useful and save labs and other users a fortune in dry ice costs.
Even at $0.00 per ton, I wouldn’t “buy” it. You can’t trade without an account. An account costs $250 to set up. Each side of the trade (either buying or selling) has a fee of $5 per 100 metric tons. So at a minimum, it will cost you $255 to get into this market, even if the price is zero.
Frankly, I’m amazed that the price went to $0.05. If you had previously purchased 100 tons (the minimum size of a contract), why would you sell them for $5, which is sucked up by the $5 fee? It’s not worth the effort. I guess I am making a big assumption that the people who are investing in this, know what they are doing.
It’s tough pushing a lie, especially when everybody knows it’s a lie.
I smell a profit. If NZ says that a tonne is worth NZ 0.25, in theory I could buy at a nickel in Chicago, sell in NZ at NZ0.25 and make a turn of three cents US on a tonne. The snag is that one has to doubt that there are any buyers in NZ, and if there were Al Gore would have flooded the market before you or I could get near.
Well, I guess its time for a bailout!
If the administration acts to be as politically non-pragmatic as in the past, then the $0.05 price may make some insiders very rich. That is to say, the EPA may impose regulations that will cause the short-term speculation of the value to skyrocket. Yes, this would be political suicide; but then also consistent with other decisions from the administration.
Al in shorts (or not) is an image I really didn’t need.
pat says:
August 31, 2010 at 7:34 pm
wish some sceptics would picket the CCX!
anthony, u may be interested in this win for aussie farmer, Peter Spencer….
___________________________________________
Those of us in the USA should be interested too, because of the “international harmonization of laws” The FDA has plainly stated its position. ”Failure to reach a consistent, harmonized set of laws, regulations and standards within the freetrade agreements and the World Trade Organization Agreements [WTO] can result in considerable economic repercussions.” Alternate reference
So our future can be seen in Australia as Congress tries to pass one of the recent “food Safety bills”
Huff and Puff tries to “set the record straight” but misses the boat because they ignore the clause “in any action to enforce the requirements of the food safety law, the connection with interstate commerce required for jurisdiction SHALL BE PRESUMED TO EXIST.” Huffy forgot to read up on the Commerce Clause.
Here is an accurate dissection of HR875. I am using HR875 because the first bill is what is actually wanted. A “compromise bill” is then passed and later phrases, such as the Commerce Clause are add to other bills as one line amendments to bring the compromise bill back to the original form.
Remember “….Vice President and presidential candidate Al Gore let slip what many have long believed was his real intention as regards to U.S. agriculture.” Upon hearing that the FFA member wanted to continue on in production agriculture, Gore reportedly replied that the young person should develop other plans because our production agriculture is being shifted out of the U.S. to the Third World.”
Under Ag Sec. Veneman, in September, 1995, the USDA’s Food Safety & Inspection Service presented a 600-page document, Farm-To-Table, intended to control every step in the food chain from production to home preparation. This was written right after the ratification of the WTO and the Agreement on Agriculture.
During the same time period, under President Clinton, we also got the 25×25 resolution:
” By 2025, America’s farms, forests and ranches will provide 25 percent of the total energy consumed in the United States, while continuing to produce safe, abundant, and affordable food, feed and fiber.”
The Resolution was passed both in the House and in the Senate
Obama of course is fully supportive
It doesn’t help that all that grain diverted to biofuel uses MORE fossil fuel, not less
Al Gore has been very consistent in his push for the destruction of the USA. Here is another Al Gore goody.
Al Gore was the head of the Regional Commissions, where activists replaced elected officials. Stakeholder councils consist of representatives of special-interest, non-government organizations, and employees of local, state, and federal government agencies. Ordinary taxpayers are systematically discouraged from participating in these groups. The groups dictate public policy. Local elected officials can either accept the projects, or be ridiculed for rejecting federal money.
Regional Governance
This ties a lot of the various agendas together: http://www.fourwinds10.com/siterun_data/government/united_nations/news.php?q=1259955479
I understand Al bailed out when CCX was sold. I don’t think the amount of carbon credits he may still hold covers his use of a limo. He would now have to buy a lot of them to justify his use of a private jet.
Kate says:
September 1, 2010 at 12:46 am
The formula: create an investment vehicle, hype the new commodity, buy low, watch share prices rise, sell high. The result is money, lots of it. In some cases it’s been about driving up the share prices of companies Gore’s group has already invested in…..
________________________________________________
Yes it is instructive to read about Al Gore and Maurice Strong’s last little con job – Molten Metal Inc.
http://www.nytimes.com/1997/11/04/us/panel-to-quiz-clinton-s-96-campaign-chief-on-stock-gift.html?sec=&spon=&pagewanted=all
Lawsuit http://securities.stanford.edu/1008/AxlervMoltenMeta/001.html
House Committee Investigation http://oversight.house.gov/documents/20040830154236-07181.pdf
Gore Aide Faces Donation Probe http://articles.latimes.com/1997/nov/06/news/mn-50871
Maurice Strong has also been caught up in a series of U.N. scandals and conflicts of interest not to mentions several insider trading scams such as the AZL Resources Lawsuit, and the food for oil scandal.
http://www.iowatch.org/ds_mstrong.pdf
http://bulk.resource.org/courts.gov/c/F2/784/784.F2d.29.85-1454.html
http://www.nationalreview.com/rosett/rosett200601102128.asp
“It is therefore not surprising that another hat that Maurice Strong has worn is that of Treasurer, now Fellow, of Lindesfarne, New York, whose founder, William Thompson, conceived it as a medieval village into which the remnants of humanity might be herded as a feudalist “concentration camp,” once genocidal eco-facist policies of the sort advocated by Maurice Strong had taken hold. And, for good measure, Strong is the president of the World Economic Forum, the Davos, Switzerland annual summit of the world’s private bankers’.”
This article appears in the January 29, 1999 issue of Executive Intelligence Review.
Maurice Strong Discusses His Pal
Al Gore’s Dark Age `Cloak of Green’
by Scott Thompson
These founders of CXX are the heroes of the CAGW activists and they have the nerve to sling mud at Anthony????
Kate says:
September 1, 2010 at 12:46 am
….The CCX is flat-lining (though, like Frankenstein’s monster, it awaits re-animation as it’s still not actually dead yet) because the market anticipates Obama losing control of Congress in a few weeks. So “Cap and Tax” is impossible to pass, and Obama has already stated that the remainder of his term will be spent implementing current legislation rather than drafting new laws.
___________________________________________________________
Do not forget the Lame Duck Congress and the fact that all the ousted politicians will be running for the government-industry revolving door. Nasty laws like Cap & Trade and Food Safety will be the price demanded.
Remember the bank bailouts? Well here is the pay off:
“Even for Washington, the revolving door between government and Wall Street spins at a dizzying pace. More than 1,400 former members of Congress, Capitol Hill staffers or federal employees registered as lobbyists on behalf of the financial services sector since the start of 2009, according to an exhaustive new study…”
http://seekingalpha.com/article/208403-wall-street-and-government-revolving-door-spins-at-dizzying-pace
WSJ – John Fund discusses the Democratic agenda for the lame duck Congress, including cap and trade, card-check, and pork.
“..The rush to recess gives Democrats little time to pass any major laws. That’s why there have been signs in recent weeks that party leaders are planning an ambitious, lame-duck session to muscle through bills in December they don’t want to defend before November. Retiring or defeated members of Congress would then be able to vote for sweeping legislation without any fear of voter retaliation.”
Cap and Trade is indeed a Frankenstien Monster
It’s not easy being green.
Buy low and sell high?
Looks like the true market value is being approached. The invisible hand has spoken!
It appears that Soros, Goldman Sachs, Gore and the rest of the rent seekers have lost their investments. Even their minion, Obama and the Dem Congress, cannot save them.
Everyone should observe one second of silence for their loss and FDALTAO.