Smead’s Folly Becomes Newsom’s Folly
[…] The Governor of California, Gavin Newsom, announced on September 23, 2020 that beginning in 2035 no new internal combustion automobiles can be sold in his state. Currently, 5.3% of California cars on the road are electric/hybrid. California is probably one of the most successful states in the adoption of non-combustion engines. Is Newsom making the same kind of folly we made in 2011 (early/wrong)? Is he piling on the negative narrative for energy at an important psychological juncture? Does this trigger a series of questions about the likelihood of attaining his goals and the duration of the usefulness of the oil and gas in the ground in late 2020 in the U.S.? […]
September 29, 2020
