First things first: The Obama administration today finalized greenhouse gas emissions standards for cars and light trucks first proposed last May. The practical upshot of the rules is a roughly 40 percent rise in fuel economy, to 35.5 miles per gallon, by 2016. The government said the measures would save owners about $3,000 in fuel over a vehicles lifetime, but add a grand on average to sticker prices.

Of drills and bills: Energy independence has attracted bipartisan support and high-level media interest at least since 1948, when the U.S. first became a net importer of oil. Calls for freedom from foreign energy sources (or for “energy security” among the more sober-minded) have grown particularly acute in recent years. Former Alaska Governor Sarah Palin popularized the chant, “Drill, baby, drill!” during the 2008 presidential campaign. Former Speaker of the House Newt Gingrich contributed “Drill here. Drill now. Pay Less.” Democrats have weakened in their rhetorical opposition to domestic offshore oil exploration as these slogans took off.

Politics can do funny things to strident partisan positions. Obama’s announcement this week on off-shore drilling might not be any more surprising than President George W. Bush’s re-purchase of oil-and-gas-leases off the Florida coast, during his brother’s, Gov. Jeb Bush, re-election bid. (“At the time, Bush’s decision was hailed by some environmental groups.”) Blood and electoral politics run thicker than oil.

The question, squarely framed by the New York Times, is, Will Obama’s political jujitsu work? Howard Kurtz, media critic of the Washington Post, runs amused through the top papers’ takes, from the NYT’s “nobody-much-likes-it” to the Los Angeles Times’ “this-won’t-accomplish-much” to right-wing pundit Don Surber’s observation that “Still, it is an admission by Obama that Sarah Palin was right.” He repeats the last four words about 125 times over a full browser page.

Sen. Lindsey Graham (R-S.C.), a key architect of the climate-and-energy bill expected in mid-April, said yesterday that Obama’s drilling proposal is a “good first step,” echoing other calls from Senate Republicans that the sale of drilling leases be expanded to include the eastern Gulf of Mexico, the West Coast, and Alaska. Graham and Lieberman at the end of last week chatted with reporters about two elements of their developing climate bill. Utilities would participate in a market for carbon-emission permits, and the oil industry would have to pay a “fixed fee” for their carbon emissions. Last week 10 coastal Democratic senators sent a letter to Obama admonishing the administration against “unfettered” drilling. Watch to see if Obama’s drilling announcement this week is sufficiently fettered.

Traders to the cause: The 2009 results of the E.U.’s Emissions Trading System are drawing scrutiny. Analysts attribute to reduced economic activity an 11.2 percent drop in E.U. industrial greenhouse gas emissions, a number that falls at the high end of expectations. Critics say industrial firms that receive pollution credits for free are benefitting from cyclical market dynamics, instead of permanently reducing emissions by deploying clean energy technologies. The decline in carbon prices, reflecting the recession and diminished outlook for a global treaty, have led to carbon trading firms’ disappearance from HSBC’s index of companies involved in climate solutions.

E.U. authorities have stepped up enforcement of about $6.75 billion in tax fraud they suspect within the trading system. Spanish police arrested nine people suspected of running a “carousel fraud.” In this scheme, traders buy credits in one E.U. country without paying a value-added tax, and sell them in another country at a price that includes the price of a tax.