Quizzed by Nick
The New York Times ran an especially insightful Op-Ed as to the benefits of drilling in the Alaskan Wildlife Refuge. Interesting because, in large part, it makes a compelling economic argument that both the ‘use’ value of the refuge (for drilling) is greater than the ‘non-use’ for preservation, to the tune of trillions of dollars. The one component of the argument that seems to be missing is the concept of accounting for the carbon emissions (or carbon sink) value of drilling. Currently the US does not have a tax on carbon, but should it, I wonder whether the long-term value of destroying an environment that could be turned into a large carbon sink still outweighs the value of lower gas prices?
Food for thought–curious to hear other’s thoughts…