Thank you for this post and your work on the Jones Act!
Sorry this is my only further comment, but below are you conflating the reduction of cost for a barrel of oil vs a gallon of gas? There are 42 gallons in a barrel of crude oil, which google tells me corresponds to around 20 gallons of gas once refined.
Eliminating the Jones Act would have reduced average East Coast gasoline, jet fuel, and diesel prices by $0.63, $0.80, and $0.82 per barrel, respectively, during 2018–2019, with the largest price decreases occurring in the Lower Atlantic. The Gulf Coast gasoline price would increase by $0.30 per barrel. U.S. consumers’ surplus would increase by $769 million per year, and producers’ surplus would decrease by $367 million per year.
As in, the price of gasoline on the east coast would be $0.63 lower without the Jones Act. That’s insane. Can you imagine what voters would do if they realized they were paying that much extra for gas?
Thank you for this post and your work on the Jones Act!
Sorry this is my only further comment, but below are you conflating the reduction of cost for a barrel of oil vs a gallon of gas? There are 42 gallons in a barrel of crude oil, which google tells me corresponds to around 20 gallons of gas once refined.
Zvi noted that this is an error in this comment. Zvi claims this is fixed in the substack, idk about the lesswrong post.