Entergy stock price peaked on day of 2007 Supreme Court decision in which Entergy was among successful plaintiffs
Entergy was among plaintiffs via amicus brief in the 2007 5-4 Supreme Court decision that opened the door for CO2 regulation and carbon trading. On the day of the Court ruling in Entergy's favor, April 2, 2007, Entergy stock soared to what was then its all time high, $107.52 (Source: "On Monday, when the EPA decision came down, Entergy stock jumped to an all-time high of $107.52 per share."...Washington Examiner editorial, "Ruling on EPA favors Big Energy," April 6, 2007, link now inactive). The decision legitimized the organized crime infested carbon trading industry. Entergy stock chart 2003-2013, Marketwatch
Timeline to Entergy peak stock price:
1990: George Bush the 1st opened the door for CO2 regulation in his “U.S. Global Change Research Act of 1990.” CO2 reduction is mentioned near the end in Sec. 204, item 4.
1999, "On October 20, 1999, a group of 19 private organizations 15 filed a rulemaking petition asking EPA to regulate “greenhouse gas emissions from new motor vehicles under §202 of the Clean Air Act.”
2003, On September 8, 2003, EPA entered an order denying the rulemaking petition. 68 Fed. Reg. 52922. The agency gave two reasons for its decision: (1) that contrary to the opinions of its former general counsels, the Clean Air Act does not authorize EPA to issue mandatory regulations to address global climate change, see id., at 52925–52929; and (2) that even if the agency had the authority to set greenhouse gas emission standards, it would be unwise to do so at this time/"...
2nd citation for 2003 ruling:
8/28/2003, "EPA Denies Petition to Regulate Greenhouse Gas Emissions from Motor Vehicles." "The petition was filed by the International Center for Technology Assessment and a number of other organizations."...yosemite.epa.gov
2005, 9/13/2005, Appeals Court rules against "Mass. vs. EPA"
Further on 2005 ruling:
2005: "Petitioners, now joined by intervenor States and local governments, sought review of EPA’s order in the United States Court of Appeals for the District of Columbia Circuit
. 16 Although each of the three judges on the panel wrote a separate opinion, two judges agreed “that the EPA Administrator properly exercised his discretion under §202(a)(1) in denying the petition for rule making.” 415 F. 3d 50, 58 (2005). The court therefore denied the petition for review." ...
2006, On 6/26/2006, Supreme Court agrees to decide
whether Clean Air Act authorizes EPA to regulate CO2 and/or auto emissions.
2006, On 11/29/06 Supreme Court case begins, oral arguments commence.
2007, On 4/2/07
the Supreme Court verdict in favor of Entergy was delivered.
=============================
Entergy joined plaintiff's lawsuit against the EPA:
Entergy filed an amicus brief
to lawsuit v EPA:
"Massachusetts vs. EPA—Timeline, Legal Questions, and Case Details," SierraClub.org
(end of p. 2): "Petitioners in the case:
Massachusetts, California, Connecticut, Illinois, Maine, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington, the District of Columbia, American Samoa Government, New York City, the Mayor and City Council of Baltimore,
Center for Biological Diversity, Center for Food Safety, Conservation Law Foundation, Environmental Advocates, Environmental Defense, Friends of the Earth, Greenpeace, International Center for Technology Assessment, National Environmental Trust, Natural Resources Defense Council, Sierra Club, Union of Concerned Scientists, and U.S. Public Interest Research Group.
Filing as “amici” for the petitioners: Fourteen prominent climate scientists,
two electric power companies (Entergy
and Calpine),
four former EPA administrators, former Secretary of State Madeleine Albright, six states (Arizona, Delaware, Iowa, Maryland, Minnesota, and Wisconsin), the U.S. Conference of Mayors, the National Council of Churches, Aspen Ski Company, North Coast Rivers Alliance, National Wildlife Federation, Alaska Natives, and ocean and coastal groups. "
=============================
Supreme Court Justice Breyer in 2010 said the price of oil should be raised through the roof:
1/20/12, "The High Price Economy," American Spectator, Murray,Bier
"Commerce Secretary John Bryson has championed the cause of higher energy prices since the 1970s, telling Justice Stephen Breyer during a 2010 panel discussion that “energy prices are going to have to go up.” Breyer responded by saying, “We better get away from oil. That’ll help us.… Raise the price of oil! Raise it through the roof, and then people will look for substitutes.”"...
===========================
P.S. 10/14/11, "Romney's Bad Advice," Investors Editorial
"On Jan. 1, 2006, Massachusetts became the first state to regulate CO2 emissions from power plants."...
===========================
1/26/2009, "Entergy CEO advocates carbon trading before rush to solar power," lacoastpost
"The New York Times carried a provocative op/ed by J. Wayne Leonard, the CEO of Entergy, with important implications for Louisiana (also see Electricity and south Louisiana). Leonard strongly supports a cap-and-trade program."...
-----------------------------------------------
The 2007 Supreme Court ruling did not say CO2 causes global warming:
4/2/2007, "Supreme Court Says EPA Can Regulate Greenhouse Gases," PBS Newshour
(subhead, scroll down): "No rule on causes of global warming
RAY SUAREZ: Now, just to be clear, the Supreme Court majority, the five justices, didn't rule that greenhouse gases cause global warming.
MARCIA COYLE: No, they did not. And there was a lot of discussion about global warming in the opinions, about how important an issue it is today. But they were not saying, "EPA, you must regulate.""...
===========================
12/1/10, "EU Carbon permits missing from registry due to (computer) virus," Reuters, Nina Chestney
==========================
10/8/10, "Murder on the Carbon Express: Interpol Takes on Emissions Fraud," Mother Jones, by Mark Schapiro
=========================
7/16/10, "Carbon Trading Used as Money-Laundering Front," Jakarta Globe
----------------------
2/21/11, "Hackers target European carbon registries," USA Today, B. Acohido
----------------------
9/25/08, "Billions wasted in carbon offsets funds," UK Guardian
---------------------------
4/20/10, "Buying Carbon offsets may ease eco-guilt but not global warming," CS Monitor, by Doug Struck
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Timeline to Entergy peak stock price:
1990: George Bush the 1st opened the door for CO2 regulation in his “U.S. Global Change Research Act of 1990.” CO2 reduction is mentioned near the end in Sec. 204, item 4.
1999, "On October 20, 1999, a group of 19 private organizations 15 filed a rulemaking petition asking EPA to regulate “greenhouse gas emissions from new motor vehicles under §202 of the Clean Air Act.”
2003, On September 8, 2003, EPA entered an order denying the rulemaking petition. 68 Fed. Reg. 52922. The agency gave two reasons for its decision: (1) that contrary to the opinions of its former general counsels, the Clean Air Act does not authorize EPA to issue mandatory regulations to address global climate change, see id., at 52925–52929; and (2) that even if the agency had the authority to set greenhouse gas emission standards, it would be unwise to do so at this time/"...
2nd citation for 2003 ruling:
8/28/2003, "EPA Denies Petition to Regulate Greenhouse Gas Emissions from Motor Vehicles." "The petition was filed by the International Center for Technology Assessment and a number of other organizations."...yosemite.epa.gov
2005, 9/13/2005, Appeals Court rules against "Mass. vs. EPA"
Further on 2005 ruling:
2005: "Petitioners, now joined by intervenor States and local governments, sought review of EPA’s order in the United States Court of Appeals for the District of Columbia Circuit
. 16 Although each of the three judges on the panel wrote a separate opinion, two judges agreed “that the EPA Administrator properly exercised his discretion under §202(a)(1) in denying the petition for rule making.” 415 F. 3d 50, 58 (2005). The court therefore denied the petition for review." ...
2006, On 6/26/2006, Supreme Court agrees to decide
whether Clean Air Act authorizes EPA to regulate CO2 and/or auto emissions.
2006, On 11/29/06 Supreme Court case begins, oral arguments commence.
2007, On 4/2/07
the Supreme Court verdict in favor of Entergy was delivered.
=============================
Entergy joined plaintiff's lawsuit against the EPA:
Entergy filed an amicus brief
to lawsuit v EPA:
"Massachusetts vs. EPA—Timeline, Legal Questions, and Case Details," SierraClub.org
(end of p. 2): "Petitioners in the case:
Massachusetts, California, Connecticut, Illinois, Maine, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington, the District of Columbia, American Samoa Government, New York City, the Mayor and City Council of Baltimore,
Center for Biological Diversity, Center for Food Safety, Conservation Law Foundation, Environmental Advocates, Environmental Defense, Friends of the Earth, Greenpeace, International Center for Technology Assessment, National Environmental Trust, Natural Resources Defense Council, Sierra Club, Union of Concerned Scientists, and U.S. Public Interest Research Group.
Filing as “amici” for the petitioners: Fourteen prominent climate scientists,
two electric power companies (Entergy
and Calpine),
four former EPA administrators, former Secretary of State Madeleine Albright, six states (Arizona, Delaware, Iowa, Maryland, Minnesota, and Wisconsin), the U.S. Conference of Mayors, the National Council of Churches, Aspen Ski Company, North Coast Rivers Alliance, National Wildlife Federation, Alaska Natives, and ocean and coastal groups. "
=============================
Supreme Court Justice Breyer in 2010 said the price of oil should be raised through the roof:
1/20/12, "The High Price Economy," American Spectator, Murray,Bier
"Commerce Secretary John Bryson has championed the cause of higher energy prices since the 1970s, telling Justice Stephen Breyer during a 2010 panel discussion that “energy prices are going to have to go up.” Breyer responded by saying, “We better get away from oil. That’ll help us.… Raise the price of oil! Raise it through the roof, and then people will look for substitutes.”"...
===========================
P.S. 10/14/11, "Romney's Bad Advice," Investors Editorial
"On Jan. 1, 2006, Massachusetts became the first state to regulate CO2 emissions from power plants."...
===========================
1/26/2009, "Entergy CEO advocates carbon trading before rush to solar power," lacoastpost
"The New York Times carried a provocative op/ed by J. Wayne Leonard, the CEO of Entergy, with important implications for Louisiana (also see Electricity and south Louisiana). Leonard strongly supports a cap-and-trade program."...
-----------------------------------------------
The 2007 Supreme Court ruling did not say CO2 causes global warming:
4/2/2007, "Supreme Court Says EPA Can Regulate Greenhouse Gases," PBS Newshour
(subhead, scroll down): "No rule on causes of global warming
RAY SUAREZ: Now, just to be clear, the Supreme Court majority, the five justices, didn't rule that greenhouse gases cause global warming.
MARCIA COYLE: No, they did not. And there was a lot of discussion about global warming in the opinions, about how important an issue it is today. But they were not saying, "EPA, you must regulate.""...
===========================
12/1/10, "EU Carbon permits missing from registry due to (computer) virus," Reuters, Nina Chestney
==========================
10/8/10, "Murder on the Carbon Express: Interpol Takes on Emissions Fraud," Mother Jones, by Mark Schapiro
=========================
7/16/10, "Carbon Trading Used as Money-Laundering Front," Jakarta Globe
----------------------
2/21/11, "Hackers target European carbon registries," USA Today, B. Acohido
----------------------
9/25/08, "Billions wasted in carbon offsets funds," UK Guardian
---------------------------
4/20/10, "Buying Carbon offsets may ease eco-guilt but not global warming," CS Monitor, by Doug Struck
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posted by susan at
2/04/2013 10:38:00 PM
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