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Posts from December 0

Energy Externality Pseudoscience: Unmasking Krugman's Argument Against Fossil Fuels

By <a class="post-author" href="/about#aepstein">Alex Epstein</a> -- November 15, 2011

Opponents of fossil fuels have long championed solar power and wind power as replacements. Unfortunately, there is no evidence that solar and wind can provide the cheap, plentiful, reliable energy that our standard of living requires. They have never come remotely close to competing economically on a free market. In fact, due to their low concentration and high intermittency, they have proven unable to provide substantial baseload power in any country, ever, even when exorbitantly subsidized.

When confronted with these facts, opponents of fossil fuels offer a seemingly scientific counterargument. Fossil fuels are only cheap, they say, because fossil fuel companies aren’t required to pay for the “hidden costs” or “negative externalities” of their product. These “hidden costs” are harms not reflected in the prices we pay–such as the presumed damage from future climate change.