Opinion by Catherine Rampell | Wanted: A villain to blame for high gas prices
are challenges. More important, shareholders and lenders are cautious about financing more production. Lots of people lost their shirts when prices plummeted in 2020. They’re nervous that something similar could happen again — that by the time they get a new rig up and running, prices will have returned to Earth, and they’ll go bust again.The government could do things to make these investments look less risky.
But capping the downside risk for energy companies would be politically toxic. Perhaps even as toxic as bailouts for banks — another widely reviled industry — were in 2008. So instead politicians are demagoguing “solutions” aimed at vanquishing villains that don’t exist. And as a result, they may well make the problem worse.
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