Opponents of climate legislation often claim that now is the wrong time to put a price on carbon, with the economy just emerging from a recession. But a must-read study released yesterday by the well-respected, nonpartisan Peterson Institute for International Economics shows that the reverse is actually true: passing climate...

The cap-and-trade law that is solving the acid rain problem is a very rare species: an unmitigated public policy triumph. Sulfur dioxide emitted by power plants has been cut in half at a fraction of the predicted cost. Now, nearly two decades after that landmark bill, cap-and-trade is again taking...