@SteveRoth obviously, though, global warming (the fact itself) plus regulatory responses to it will shift prices dramatically. we'll see new scarcities as places become uninhabitable or uninhabitable w/o HVAC transmogrified into robust life support systems. we'll see resource prices rise. we'll see alternative energy sources become cheap, or else a regulatory crackdown on fossil fuels, or else a positive reinforcement cycle as we burn more carbon in response to climate change, worsening it. 2/