How to Kill an Industry, or: Hello $8 Gas!
Imagine if the government required automobile drivers to purchase liability insurance against the Worst Case Accident: totalling a 2010 Maybach Laundalet with four newly-minted orthopedic surgeons aboard. Worst case liability: $50 million or so. With a $50 million liability insurance requirement, who would drive? Only the wealthy. The Deepwater Horizon incident pointed up the inadequacy of the Oil Pollution Act of 1990’s $75 million economic | Read More »