Publications: Notes at the Margin

Consequences (January 13, 2025)

 

This Notes at the Margin will also seem off-topic to some because it focuses first on the consequences of 1978 legislation passed by California voters, consequences that became horribly apparent on Tuesday, January 7, with the Eaton and Palisades fires in Los Angeles. I would argue, however, that this subject is relevant to the energy and oil industries because, as the California example and others show, the effects of decisions taken today regarding investment, strategy, or regulation may not manifest until forty or fifty years later. Everyone in the energy industry, including managers, policymakers, and observers like myself, understands that decisions made now will have long-term effects. Government officials and politicians, it seems, not so much.

 

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