Loser: Heavy Industry

Airlines may not be suffering alone in the long run. In Europe, heavy industrial companies such as steel, cement, and chemical makers are joining power plants in a carbon-trading regime. Rising CO2 prices in the region will add cost pressure to their operations, leaving them uncompetitive if imports aren't forced to pay some form of carbon tax, too. Watch the Obama Administration try to learn from, and improve upon, Europe's experiments in carbon markets. President Obama has nixed a carbon tax in favor of a cap-and-trade plan, so action on this front isn't likely in the near term, but it is likely to re-emerge once the economy is back on its feet.