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Christmas.

Better with Pepsi Max. This is CBS, I on the world. I'm John Bachelor. I welcome Professor Richard Epstein, senior

fellow at the Hoover Institution, writing on Climate and the SEC. These are two stories I never thought would work so well together, but they do because in the

Biden administration there are new imprecations and questions to be answered for the many companies that obey follow very

closely the SEC rules. Richard a very good evening to you will report right

away that climate change is a major, major story for the Biden administration

and many other sovereignties.

However, the Biden administration is now going about making climate change part of the conversation of government and that extends

to the SEC. But before we go there you will list the fact that right away, Mr. Biden moved to cancel the Keystone

exile pipeline and pause oil and gas leasing on public lands.

Those are two obvious decisions that impact the politics of this, but you make the salient point that there's no way

to know whether this has anything to do with climate change. Is that correct?

It's basically correct and a bunch of explanations for it. The simplest one is you cancel a pipeline and you look at the quote-unquote direct consequences is that they're less fossil flu that will go through the

pipeline there some trivial emissions that may come from the pipeline as proper and

then you will reduce the amount of pipeline stuff that gets to a particular

refinery which you could regulate

independently. But what happens is just because you shut down the pipeline

doesn't mean that you shut down the production of fossil fuels. And so it may be

that it will get to the same plant by by by dangerous means so that there's, you put it by truck or by rail.

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