oil, gas, and mining companies, many of them American companies, will make record profits as oil hits $109+ and becomes an inflationary hedge linked to currency flux rather than a comodity that moves on supply and demand. This will encourage more of them to increase production as much as possible and that will mean more jobs for US energy workers. American energy is produced in some of the poorest parts of this country and more jobs are always needed there.
Also Americans may finally start to value energy at its real cost, reducing emissions more than Koyoto ever could.

Bad News: This will embolden nut cases like Hugo C. and Putin II.
Extra Bad news: environment will take it in the ass as companies chase profits without regard to costs.