Quotes by Severin Borenstein

“Thats definitely bad news for the California gasoline market. Were going to have to wait and see how bad.”

“Its not like this is a gigantic change in the cost per mile of driving your car. Thats why you wont see many people get rid of their cars or suddenly decide they cant drive to work anymore or will take the subway or whatever.”

“It looked like money down a rat hole. I can certainly see why theyd be cautious now. Just because youre making an extra $35 a barrel doesnt mean you should be pouring that into exploration.”

“Unfortunately, sometimes you see big wealth transfers occur when something becomes scarce.”

“I think thats a big issue that a bankruptcy court is going to have to confront. Whats the ongoing responsibility of the company and whats the legal liability in the contracts.”

“They continued to build and complete plants after it was clear the market was down.”

“Were swimming in gasoline right now. But this is not a sustainable level.”

“Next year, well quite likely have rates higher than this winter. The futures market for natural gas is telling us that these prices are not temporary.”

“In general, you have to have a pretty serious market power concern before you go down this road [of price controls], because the chances of causing shortages and causing gas lines are quite significant. Hawaii seems to have designed this so its much less likely to happen, and Hawaii has a credible argument to be made that they face a significant market power problem.”