Opinion
If You Like Lockdowns, You’ll Love the Carbon-Free Future
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By Paul Tice
The climate-change movement is taking advantage of the Covid-19 pandemic, equating it with the “existential crisis” of man-made global warming. While praising the current display of unilateral government action as a model for addressing climate change, many environmentalists and liberal politicians have also called for a surge in government spending on renewable energy projects. The 2020 Democratic Party platform champions “decarbonization” as the best way to “build back better” from the coronavirus.
Green activists and their Democratic standard-bearers should be more focused on the potential that the coronavirus crisis could undermine support for their cause. Here are the climate lessons from the pandemic:
• This is what a world without fossil fuels looks like. The lockdown of the U.S. economy beginning in mid-March temporarily choked off demand for crude oil and refined products, driving oil prices negative for the first time ever in April. In recent weeks, production declines have slowed as consumption patterns have started to return to normal with the lifting of quarantines.
Read the full Wall Street Journal article.
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Paul Tice is an Adjunct Professor of Finance at NYU Stern.
Green activists and their Democratic standard-bearers should be more focused on the potential that the coronavirus crisis could undermine support for their cause. Here are the climate lessons from the pandemic:
• This is what a world without fossil fuels looks like. The lockdown of the U.S. economy beginning in mid-March temporarily choked off demand for crude oil and refined products, driving oil prices negative for the first time ever in April. In recent weeks, production declines have slowed as consumption patterns have started to return to normal with the lifting of quarantines.
Read the full Wall Street Journal article.
____
Paul Tice is an Adjunct Professor of Finance at NYU Stern.