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The price of European emission permits is rising so rapidly that German companies are threatening to leave the country. Thousands of jobs could be lost. And the environment may, in the end, be no better off.

After trading at a record high of $147 a barrel Friday, the price of oil saw its largest one-day drop since the 2003 beginning of the Iraq war on Tuesday, falling $6.44 a barrel. Wednesday, it fell another $3.71, to $135.03, and at one point was trading as low as $132.

The global warming craze officially landed in Canberra yesterday, as the Labor government released a sketch of what it calls "one of the highest priorities of the Australian government": its carbon trading scheme. That should signal the beginning of an important debate about the costs of this grand plan. But can the opposition Liberal Party muster a coherent argument?

Al Gore hopes to put global warming back at the top of Washington’s agenda Thursday, but some Democrats in Congress are questioning his timing when they are getting pummeled by Republicans over record gas prices.

Speaking a week ahead of a crucial World Trade Organisation ministerial meeting on 21 July, EU Trade Commissioner Peter Mandelson urged the 27 EU countries, including France, to "show unity" towards achieving a breakthrough or risk the collapse of other international endeavours such as talks on climate change.

The German Economy Ministry has attacked EU proposals to tackle climate change as "pointless" if other major contributors to greenhouse gas emissions are not also committed to significant reductions.

The European Union's plan to cut greenhouse gas emissions doesn't sufficiently take business needs into account, said Germany's finance ministry.

Against the alarming backdrop of gasoline prices at over $4 a gallon, oil industry executives are busily working the halls of Congress to make the case for increasing domestic oil supply. In addition to pushing for access to the Arctic National Wildlife Refuge (ANWR) and oil reserves off the east and west coasts, however, some industry reps are also rehashing the argument that the Law of the Sea Treaty (LOST) presents an opportunity further to secure American oil by "locking in" drilling rights in our Arctic continental shelf.

President Bush lifted nearly two decades of executive orders banning drilling for oil and natural gas off the country’s shoreline on Monday while challenging Congress to open up more areas for exploration to address soaring energy prices.