It was Libertarian-inspired lack of appropriate regulation that cause this to happen and the two culprits were Republican governor Pete Wilson, and Republican Senator Jim Brulte who wrote the deregulation bill that created the "free market" that allowed blatant manipulation. That is correct, but lets be honest and accurate here.
But in some states those individuals have to drag along a lot of dead weight.Īnd it was because of California's regulation failure it happened. I've never seen a state where there weren't outstanding individuals in public service, and that includes Texas. To the degree any agency of government works at all it's because workers in that agency care about doing a good job. Now I don't want to say that everyone who works in Texas government is corrupt. I'd never even heard of anything like that happening before in our industry I asked him if anyone else used the suite, but he said no, just the guys from Texas. He said it was the best money he'd ever spent. A sleazy salesman I knew landed a whole bunch of contracts by inviting the Texans to a hotel suite which he'd stocked with prostitutes he'd hired for the night. I was at a trade show and there were a bunch of officials from Texas there usually they didn't come to national meetings but this one was held in an Atlantic City casino. I used to do business with local (typically county level) governments all around the country, and Texas was easily the most corrupt. "It is maddening and outrageous and completely inexcusable that Texas' lack of sound utility regulation is having this impact on the rest of the country." The article also includes a quote from Katie Sieben, chairwoman of the Minnesota Public Utility Commission, from an April article in The Washington Post. Ratepayers as far away as Minnesota will be paying surcharges for years to come after their utilities had to pay $800 million more than expected for natural gas. Utilities around the country were forced to buy natural gas at significantly higher prices when Texas' markets went haywire as a result of low supply and high demand. Texans aren't the only ones whose bills are higher as a result of producers' and utilities' unwillingness to winterize their equipment. In the wake of the storm, many officials have called on utilities and oil and gas companies to winterize their operations. Meanwhile, many Texans suffered through blackouts and bitter cold, and 210 people died, according to the latest estimate from the Texas Department of State Health Services. Gas sellers made record profits in just a few days, together bringing in as much as $11 billion, about 70-100 times more than normal, based on spot prices at the time.
The governor's office knew of the looming shortages days before they happened, yet the preparations they made did little to alter the course of the disaster. As a result, ratepayers could see an increase in their bills for the next 30 years."ĭuring the winter storm, natural gas prices spiked as cold temperatures drove demand up while also depressing supply. "The regulator, the Railroad Commission, is allowing utilities to issue bonds to cover the debt. "Texans will be paying for the effects of last February's cold snap for decades to come," reports Ars Technica, "as the state's oil and gas regulator approved a plan for natural gas utilities to recover $3.4 billion in debt they incurred during the storm.
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