It sounds almost silly to say, but the price of carbon dioxide recently hit its highest level in a month in Europe. The right to produce one ton of carbon emissions will now run you about 24 euros, after the closing of a major oil pipeline in the North Sea and oil prices hovering steadily around $117 a barrel.

While the U.S. still seems at least a presidential term away from imposing carbon emissions restrictions, investors, speculators, and folks who are just curious can get a glimpse into the market dynamics of carbon trading simply by taking a peek across the pond.

While one might normally expect carbon prices to rise as the price of oil falls, carbon emissions pricing presents a far more complex problem than that of oil. For example, rising oil prices may instead draw utilities to less carbon-friendly sources, such as coal, thus increasing the demand for and price of emissions permits.

If you’re still a bit skittish on the idea, check out more in-depth analysis and community feedback on the European carbon market. One way or another, it’s an idea you’ll end up warming to in the end.