A question for Sen. Bernie Sanders (I-Vt.): “Is it your position that market forces are the primary reason that oil and gas prices fall, but speculation and energy market manipulation are the primary reasons that oil and gas prices rise?” [Mark Perry, AEI] But see: Arnold Kling (capitulation by upside speculators could cause price collapses).
So instead it will require private businesses to invest in security measures. I explain in a new Cato post. In January I noted an unsuccessful bill in the Maryland legislature to require gas station owners to maintain videocamera system.
After intense political controversy in Louisiana, a controversial environmental suit is apparently on its way out. [KATC] Earlier here and here.
Saltwater incursion and wetlands loss associated with industrial use of coastal Louisiana have worsened the exposure of populated areas to flooding, according to official reports and scientific studies. Now a flood protection board representing much of the New Orleans area is suing energy companies demanding a contribution of “billions” of dollars, though its spokesman acknowledges that government actions were also responsible for weakening the natural environmental buffer. John Schwartz quotes me in his New York Times report today, though without the chance to study the suit’s contentions it was hard for me to make any more than the most preliminary observations.
P.S. More details emerge in an expanded version of the story as well as in a Thursday Washington Post report. The agency is suing “about 100″ energy companies. Canal construction and other actions taken by the U.S. Army Corps of Engineers were important contributors to the environmental losses, but principles of sovereign immunity restrict suits against the Corps. Republican Louisiana Gov. Bobby Jindal said “that the levee agency had usurped his authority and that the suit would enrich trial lawyers” and demanded that the Southeast Louisiana Flood Protection Authority “cancel contracts with the four law firms that had agreed to handle the case on a contingency basis.”
Report: Rockefeller family foundations have given millions to anti-fossil-fuel activist Bill McKibben [Vivian Krause, Financial Post (Canada)]