Divestment from fossil fuels is an irrational policy that will yield zero environmental benefits and impoverish millions of people.
Politics is the art of wealth redistribution, an eternal truth illustrated well by the various machinations employed by bureaucrats and politicians to force goods and services uncompetitive but favored politically upon the market, despite adverse economic pressures.
Despite turning the U.S. into the world's largest producer of natural gas and driving a 3 million barrel per day surge in U.S. oil production in just the last three years, the shale revolution still has its doubters. They couldn't be more wrong.
The U.N. is denying the prediction trends of the IPCC climate models, denying the IPCC discussions of the evidence, and denying the IPCC modeling evaluation of the Obama policies if adopted by the entire world. Why?
Arguments that predict high carbon emission from the Keystone XL pipeline rest on incorrect economic assumptions. Even if they were true, the resulting environmental impact would be negligible.
The Healthy Climate and Family Security Act of 2014 is a misguided effort to combat the exaggerated anthropogenic climate change threat. It will lead to massive wealth redistribution that would hurt the consumer and decrease aggregate wealth.
It would be easy to look at the dramatic 35% increase in America's oil and natural gas production since President Obama took office and think the administration deserves much of the credit. But the energy boom has happened in spite of him.
"He" is Tom Steyer, fossil-fuel billionaire past and present, but now a global-warming activist with the zealotry of a convert, a major funder of politicians promoting the climate-change industry, and a scourge of climate deniers, the Keystone XL pipeline and ordinary people for whom inexpensive energy is a central condition for economic advancement.
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