With the Waxman-Markey global-warming “cap and trade” bill facing Henry’s self-imposed deadline of reporting by Memorial Day (something Rep. Joe Barton says is sure to embarass the Energy & Commerce Committee), expect the usual suspects to be lauding the fact that Europe, which has a cap-and-trade scheme in place, reduced emissions last year.

Of course, the reason for the reduction has precious little to do with cap and trade. Here’s the real reason.