Unfortunately, sometimes you see big wealth transfers occur when something becomes scarce.
More Quotes from Severin Borenstein:
(Liquefied natural gas) can be brought into a port at well below what California is paying right now for natural gas, and what we anticipate paying for many years to come.Severin Borenstein
It could increase vastly, but it depends entirely on policy.
Severin Borenstein
The world oil price has risen rapidly and is very high today compared to the recent past, primarily because demand growth has been very rapid, and crude oil production capacity is constrained in the short run.
Severin Borenstein
That's definitely bad news for the California gasoline market. We're going to have to wait and see how bad.
Severin Borenstein
There seems to be no political traction for reducing demand. Consumers don't want to hear about making any changes from the plentiful gasoline of the 1990s. And unfortunately, short of colonizing the Middle East ... there isn't a way back to that.
Severin Borenstein
In general, you have to have a pretty serious market power concern before you go down this road of price controls, because the chances of causing shortages and causing gas lines are quite significant. Hawaii seems to have designed this so it's much less likely to happen, and Hawaii has a credible argument to be made that they face a significant market power problem.
Severin Borenstein
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