The carbon emission offset market in Europe is in crisis because of an unexpected 50% price drop in the last couple of weeks. True to Europe, the traders are demanding government intervention to prop up the price(!) of carbon offsets. While it is true that the governments can afford to buy more, why would they want to? The high price of hydrocarbons will curb carbon emissions.

Assuming that the coal/methane/nuclear balance continues to move toward nuclear for electricity, high gasoline prices mean less carbon. So either we will run out of oil or we will have high CO₂, not both.