No longer termed a 'failure,' California's cap-and-trade program faces a new critique: Is it too successful?

Sometimes it seems as if California’s cap-and-trade program can’t catch a break.

It wasn’t so long ago that critics were blasting the program as a failure. Its fortunes seemed to hit bottom at the state’s May 2016 auction of emission allowances, each of which carries the right to pump 1 million...

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