Earlier quoted context omitted.
Lead is a textbook example of a good regulation. It’s something where the industry was doing something very harmful-aerosolizing lead and pumping it into the air—which had quite small economic benefits and was relatively easily replaced. Some regulation achieves this kind of improvement, and we’re probably under regulated in those areas. Particulate matter, for example, is extremely harmful. But many regulations do n…
>was relatively easily replaced. It wasn't easily replaced. For many decades there weren't any alternatives for anti-knock additives.
Presumably, you mean there weren't any alternatives for anti-knock additives for around the same price as tetraethyllead.
Octane ratings can be increased sans Pb if needed. Trouble is the extra refining and reduced yield increases costs which consumers weren't prepared to pay for.