Radio Boston talks with MIT's Prof. Chris Knittel about how our high electric bills are hurting our battle against climate change.
"Charging the right price for electricity is good economics and will allow Massachusetts to meet its climate goals more cheaply."
The United States would have that number of days of diesel fuel left [only] "if all of our oil refineries stopped making fuel today."
Profs. Simon Johnson, Christopher Knittel, and Robert S. Pindyck recommend a price cap on Russian seaborne oil deliveries.
“We can really point to the war in Ukraine and the energy crisis that's happening in Europe for the [increased cost of natural gas]”
"It's hard for subsidies to not be good for the average consumer. ... I still worry about more than just the average consumer … "
"Increases in the crack spread [the difference between the cost of oil and the cost to refine it] recently has been just supply and demand."
"The world market is so big and so vast, it's hard for even a big country and an economic powerhouse like ourselves to have a large impact."
"10 years from now, that oil well may not be earning profits [which] is creating a disincentive to drill."
"We would still be facing $120 [a barrel] oil even if we produced as much oil as we consumed right now."
