To me, a continental market makes a lot more sense. The regulatory framework in the U.S. is known to us; it's a known quantity. There are a lot fewer opportunities, if I might say, to cheat the system or circumvent the measures. As you get into the world scene, it's much more difficult to have confidence that the flow of economic money, with carbon credits, would be significantly put to good use. It would be a shame for us to buy a lot of carbon credits in the world and, in the end, to have the world not reduce its emissions.
On February 22nd, 2007. See this statement in context.