This Yglesias piece in the NYT is horrifically bad.
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This Yglesias piece in the NYT is horrifically bad. Almost every "fact" it cites is provably false. At best it is cocktail party banter from a pundit who knows nothing of energy. At worst, it was cut/paste from oil industry talking points. So, a rebuttal: https://www.nytimes.com/2025/12/18/opinion/democrats-liberals-oil-gas-industry.html
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This Yglesias piece in the NYT is horrifically bad. Almost every "fact" it cites is provably false. At best it is cocktail party banter from a pundit who knows nothing of energy. At worst, it was cut/paste from oil industry talking points. So, a rebuttal: https://www.nytimes.com/2025/12/18/opinion/democrats-liberals-oil-gas-industry.html
1. First: the elephant in the room that he doesn't mention explicitly but haunts the whole piece: climate change is real, we've already overshot and the only way to turn the corner is to leave fossil fuel in the ground. To ignore that is to talk about rocketry and ignore gravity.
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1. First: the elephant in the room that he doesn't mention explicitly but haunts the whole piece: climate change is real, we've already overshot and the only way to turn the corner is to leave fossil fuel in the ground. To ignore that is to talk about rocketry and ignore gravity.
2. What he says about climate is patently false (more on that later) but to the extent he's saying "politicians shouldn't do the right thing unless it's popular", I'd note only that that is a toddlers view of leadership. If the popular kids are mean, should you be mean?
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2. What he says about climate is patently false (more on that later) but to the extent he's saying "politicians shouldn't do the right thing unless it's popular", I'd note only that that is a toddlers view of leadership. If the popular kids are mean, should you be mean?
3. Leadership is about doing what is necessary, not just what is popular. Read literally anything our founders wrote about virtue, and the inherent risks to a society based on democratic processes to sustain the rule of law to the extent that unvirtuous people gain power.
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3. Leadership is about doing what is necessary, not just what is popular. Read literally anything our founders wrote about virtue, and the inherent risks to a society based on democratic processes to sustain the rule of law to the extent that unvirtuous people gain power.
4. Yglesias instead seems to implicitly argue that politicians should only do what wins elections, virtue be damned. One wonders what he thinks of those foolish 1850s abolitionists. As Condleeza Rice once said, politics is the art of making the impossible inevitable. That ain't this.
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4. Yglesias instead seems to implicitly argue that politicians should only do what wins elections, virtue be damned. One wonders what he thinks of those foolish 1850s abolitionists. As Condleeza Rice once said, politics is the art of making the impossible inevitable. That ain't this.
5. But enough on climate. This is an opinion piece and if MY's opinion is that we shouldn't act on climate at a scale sufficient to the threat there's not much I can do. Let's go to the facts. First, the idea that Obama won in 2012 because he embraced an all-of-the-above strategy. Really?
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5. But enough on climate. This is an opinion piece and if MY's opinion is that we shouldn't act on climate at a scale sufficient to the threat there's not much I can do. Let's go to the facts. First, the idea that Obama won in 2012 because he embraced an all-of-the-above strategy. Really?
6. That election had a robust debate over the gulf war and criticism of the size of the 2008 bailout. Romney was framed as an out of touch plutocrat. To the extent energy came up it was the criticism of the Dems for Waxman Markey cap & trade in 2009, not "thank you for drilling".
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6. That election had a robust debate over the gulf war and criticism of the size of the 2008 bailout. Romney was framed as an out of touch plutocrat. To the extent energy came up it was the criticism of the Dems for Waxman Markey cap & trade in 2009, not "thank you for drilling".
7. But even beyond the political conversation, you can't compare 2012 energy policy to 2025 without understanding the massive shift in US fossil energy production & net imports over that period. Look at the "net imports" line on this chart.
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7. But even beyond the political conversation, you can't compare 2012 energy policy to 2025 without understanding the massive shift in US fossil energy production & net imports over that period. Look at the "net imports" line on this chart.
8. In 2012, the US was a net importer of oil and domestic production, after decades of decline was ticking up thanks to fracking. Today, the US is a net exporter. Couple that with concerns about middle east politics in 2012 and you have a VERY different set of issues for US energy consumers.
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8. In 2012, the US was a net importer of oil and domestic production, after decades of decline was ticking up thanks to fracking. Today, the US is a net exporter. Couple that with concerns about middle east politics in 2012 and you have a VERY different set of issues for US energy consumers.
9. As a net importer, every incremental unit of domestic production reduced our exposure to foreign oil & associated price volatility. As a net exporter, every incremental unit gets shipped overseas.
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9. As a net importer, every incremental unit of domestic production reduced our exposure to foreign oil & associated price volatility. As a net exporter, every incremental unit gets shipped overseas.
10. In other words, in 2012 new production benefited domestic producers AND consumers. But today, new production only benefits producers. That's a fundamentally different policy and political environment. And note also that domestic consumption is basically flat for the last 20 yrs.
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10. In other words, in 2012 new production benefited domestic producers AND consumers. But today, new production only benefits producers. That's a fundamentally different policy and political environment. And note also that domestic consumption is basically flat for the last 20 yrs.
11. That's a good thing! We're just as warm, just as able to travel as we were 20 years ago, and rising vehicle efficiency, EV deployment, etc. is giving consumers more useful energy with less oil expense. That's good for consumers, even if it hurts producers.
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11. That's a good thing! We're just as warm, just as able to travel as we were 20 years ago, and rising vehicle efficiency, EV deployment, etc. is giving consumers more useful energy with less oil expense. That's good for consumers, even if it hurts producers.
12. And if we want to talk about the politics, here's some easy math: there are a lot more voters who consume energy than there are who produce energy. If you're confused on that point, you might be a crappy pundit...
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12. And if we want to talk about the politics, here's some easy math: there are a lot more voters who consume energy than there are who produce energy. If you're confused on that point, you might be a crappy pundit...
13. And this isn't just true of oil. We've also moved from a net importer to a net exporter of natural gas since 2012. (Also because fracking.) Which again means that to take Yglesias' advice in 2025 is to prioritize energy producers over energy consumers.
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13. And this isn't just true of oil. We've also moved from a net importer to a net exporter of natural gas since 2012. (Also because fracking.) Which again means that to take Yglesias' advice in 2025 is to prioritize energy producers over energy consumers.
14. The wealth transfer from natural gas is perhaps even more direct since gas - unlike oil - isn't quite a global commodity; the costs to liquefy and transport gas, per MMBtu are a lot higher than oil, which creates much higher local price disparities.
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14. The wealth transfer from natural gas is perhaps even more direct since gas - unlike oil - isn't quite a global commodity; the costs to liquefy and transport gas, per MMBtu are a lot higher than oil, which creates much higher local price disparities.
15. As such, when US producers can swap European/Asian markets for the US markets and make a higher margin, even after accounting for shipping costs it puts significant upward pressure on previously land-locked domestic prices.
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15. As such, when US producers can swap European/Asian markets for the US markets and make a higher margin, even after accounting for shipping costs it puts significant upward pressure on previously land-locked domestic prices.
16. This is the reverse of getting off middle eastern oil in 2012. Now, instead of decoupling from global volatility we are absorbing it. That gets quantified whenever a major US LNG export facility has an outage & domestic NG prices fall. Who ya rootin' for, Matt? https://www.eia.gov/todayinenergy/detail.php?id=53079#:~:text=A%20fire%20at%20Freeport%20LNG's,U.S.%20natural%20gas%20demand%20outlook.
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16. This is the reverse of getting off middle eastern oil in 2012. Now, instead of decoupling from global volatility we are absorbing it. That gets quantified whenever a major US LNG export facility has an outage & domestic NG prices fall. Who ya rootin' for, Matt? https://www.eia.gov/todayinenergy/detail.php?id=53079#:~:text=A%20fire%20at%20Freeport%20LNG's,U.S.%20natural%20gas%20demand%20outlook.
17. It's worth reading the entirety of what DOE had to say about the impact of that 2022 outage on domestic prices. These are massive price swings - and therefore massive wealth transfers from US consumers to US producers!
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17. It's worth reading the entirety of what DOE had to say about the impact of that 2022 outage on domestic prices. These are massive price swings - and therefore massive wealth transfers from US consumers to US producers!
18. Because natural gas is used for so much of US power generation, increasing gas exports = higher gas prices = higher electricity. One climate negative impact of that is that after years of decline, we now are seeing an uptick in domestic power generation from coal.
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18. Because natural gas is used for so much of US power generation, increasing gas exports = higher gas prices = higher electricity. One climate negative impact of that is that after years of decline, we now are seeing an uptick in domestic power generation from coal.
19. This isn't because coal is cheap, or because we're building more coal plants. It's because when the price of gas goes up gas fired power plants are a little less competitive against other asset classes and the competition (in this case, coal) picked up the slack.