Six of One...

An article in the Wall Street Journal looks at the divide between those who favor a carbon tax and those who favor cap-and-trade as a way to curtail C02 emissions. Reporter Deborah Solomon writes that where most economists and academics come down on the side of a carbon tax, most politicians and environmentalists favor a cap on emissions.

One notable environmentalist who does support a carbon tax is Al Gore. The former vice president has long said he favors a tax on carbon in lieu of a payroll tax. Taking it a step further, he wants to see both a cap and a tax put put in place. Most of the presidential candidates believe such a tax would be political suicide. And not without reason. As the Christian Science Monitor observed back in July, "the last time Congress raised the gasoline tax was in 1993. In the Senate, Gore cast the deciding vote. At the next election in 1994, the GOP won big on Capitol Hill. Politicians took note."

At least five emissions bills will be taken up in Congress this fall, but only one -- Rep. John Dingell's -- will propose a carbon tax. Even he has said that he doubts the bill's ultimate success. In fact, he may bring the bill to the floor just to prove it's a loser. But here's the thing: Either way -- tax or cap -- the cost of electricity will increase, and that increase will be passed along to consumers. So, in the end, it may be a distinction without much difference.