Some things we lose slowly, which seems better than losing them quicker; other things we gain too slowly:
Tuesday should have been a day of unmitigated joy for America’s oil and gas executives. The new G.O.P. tax bill treats their companies with great tenderness, reducing even further their federal tax burden.
And the bill gave them something else they’ve sought for decades: permission to go a-drilling in the Arctic National Wildlife Refuge. But, around four in the afternoon, something utterly unexpected began to happen. A news release went out from Governor Andrew Cuomo’s office, saying that New York was going to divest its vast pension-fund investments in fossil fuels. The state, Cuomo said, would be “ceasing all new investments in entities with significant fossil-fuel-related activities,” and he would set up a committee with Thomas DiNapoli, the state comptroller, to figure out how to “decarbonize” the existing portfolio. Continue reading