I agree with that, but, again, in spite of suggestions otherwise, all I'm recommending is that we do exactly what California has signed into law. So if you want my draft or Bill C-30, go pick up Bill AB 32 and change some words.
I'm recommending something that could functionally be a Canada-California-New Mexico-Massachusetts market starting on January 1, 2009. But if we knew we were doing that, we'd all start trading into it yesterday afternoon.
A quota market is a supply management system. It's a quota market when you create a market in which what you trade is quota. You have all of the problems you have with any international quota market. Governments issue quota to whom they want, and you have to decide whether or not you like somebody's quota and don't like somebody else's quota.
If we go to product standards, everybody accounts for their emissions in the nation in which the energy is end-used, and every credit's a real credit. California's going to do it, and all of us who sell into California are going to have to comply with their law anyway. Let's just create a California-Canada-New Mexico-Washington market to start and then take it from there.