no surprises, the problem here is they wrapped up 3 bills into one:
1) 12 month / $12 price cap: sounds catchy
2) $1.5B subsidies; or $230 cash back popularity driven/virtue signalling/win your vote campaign
3) LT price controls framework / code of conduct / do what we deem is reasonable policy
1) & 2) is short term; the gas industry would have let that go, and most people have empathy and it allows people to adjust their budget and try to carve out $230 or so from their annual spend, maybe a mix of:
- $5 daily lattes to 3 days a week
- cancel Netflix and keep Disney, or maybe try Apple TV or just go hard and live off Amazon prime
- maybe less frequent trips, shopping, dining/takeouts/entertainment/Black Friday sales
I get it’s tough to reduce one’s material spend to maintain something invisible as energy/gas. Hence it’s the lazy/human nature to go with it.
3) is where the dark horse killer is. It’s industry and reputation killer for a nation, and devoid of all economic reality. You’ll end up having to perpetually maintain 1) and 2) over time as no one will invest LT with such uncertainties. It takes a brave political party to vote against this as 1) and 2) is designed to opaque 3) which dare I say is terrible for them to have wrapped it up this way.
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