A Free-Market Energy Blog


Posts from December 0

Road to Kyoto: Letter from Ken Lay to George Bush (April 3, 1992)

By Robert Bradley Jr. -- October 17, 2013

“[Enron was] the company most responsible for sparking off the greenhouse civil war in the hydrocarbon business.”

– Jeremy Leggett, The Carbon War (London: Penguin Books, 1999), p. 204.

“The United States fully intends to be the world’s preeminent leader in protecting the global environment. [E]nvironmental protection makes growth sustainable…. [This] recognition … by leaders from around the world is the central accomplishment of this important [United Nations] Rio Conference.”

– George H. W. Bush, “News Conference in Rio de Janeiro, June 13, 1992.

The rise and fall of Enron Corp. is Exhibit A by government advocates for increasing regulation of what is seen as unbridled, market-failure-ridden capitalism. As one economics textbook states: “The story about Enron reminds us of a serious fact of economic life—that markets fail….”