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California's Cap-and-trade Awakening

[image] Jan. 17, 2014 6:46 p.m. ET Democrats in California needed to pass cap and trade to find out what's in it. At least that's the take-away from state Senate president Darrell Steinberg's epiphany in the Los Angeles Times this week. Cap and trade is "asking the trading market to enter directly into the energy segment again and that brings back bad memories," Mr. Steinberg said, harking back to the state electricity Farrah tape crisis in 2001. That crisis culprit was a hasty change in state law, which energy traders exploited.
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