Today in Capital Matters: The Social Cost of Carbon | National Review

Today in Capital Matters: The Social Cost of Carbon | National Review

Kevin Hassett argues that the Biden administration might not be upset about high gas prices since the cost of a barrel of oil is within the target range of its estimates of the social cost of carbon:

In other words, the current price of oil is exactly in the range that the White House itself has said is optimal, and the administration’s unwillingness to do anything about it might well stem from a desire to signal to the masses that this higher price is here to stay.

But they refuse to declare victory even though their target has been hit. If the Biden administration truly cared about climate change, it would argue that today’s high price is unfortunate but necessary if we are to save the planet. Indeed, now would be an opportune time to propose a policy that locks in today’s high price with a carbon tax that goes up as the oil price goes down. The Biden administration’s stance reveals that it is playing climate believers for fools who vote for Democrats without thinking. No wonder Greta Thunberg is so angry.

Read the whole thing here.

Dominic Pino is a William F. Buckley Fellow in Political Journalism at National Review Institute.

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Tony Beasley
Tony Beasley writes for the Local News, US and the World Section of ANH.