Externalized costs are those costs in the production processes which are borne by external agencies. Defined by one source, they are "negative impacts associated with economic transactions which concern people outside of those transactions, meaning that neither the buyer nor the seller bears the brunt of the costs."
One well-known example of an externalized cost is factory pollution (e.g., along the River Road between St. Francisville and New Orleans) which can have a negative influence on the surrounding community," and which periodically gives rise to complaints of "environmental racism." The track alongside the Mississippi is home to innumerable, hyper-industrial structures which load and/or unload often deadly and or otherwise toxic materials from ships docked along the towering levees. South of Baton Rouge, it is a common-place to see enormous, ocean-going ships ploughing placidly along behind huge banks, rising thirty or forty feet above the surrounding plain, an unknown, but steady number of which are loaded with poisons of one sort or another. These often deeply economically depressed, gatherings of dilapidated assemblages of tumble-down and cobbled-together shot-gun houses and single-trailers are hard by, in many cases, the restored/preserved glories of the famed "ante-bellum" mansions, have been inhabited by poor blacks for generations.
One commodity/product which is the beneficiary of HUGE amounts of 'externalization' would be fossil fuels. The "external costs" generated by the exploitation of fossil fuel are NOT included in the "price" we pay when we acquire and expend them. We do not see, and usually do not even know except on occasions when there is a massive interruption--as happened in the BP/Gulf of Mexico oil eruption disaster-- that thoise costs are paid by us in existential bills, not necessarily in the cash we dispense: massive resource depletion, pollution, environmental degradation, and uncharted impacts on the public health.
The "price" that consumers pay for the fuels they use, especially in the USofA, seldom reflects any of the actual costs--beyond those required to acquire and process the resources. The industry has been incredibly adept at "externalizing" its costs, while maximizing its profits at the expense of the entire ecological and environmental systems--think 'tar sands'-- which the industry rapes for its convenience, but with OUR (at least tacit) blessings.
Triple the current cost of gas to curtail emissions disaster, climatologist urges. We cannot continue current insatiable consumption of petroleum if we want anything LIKE civiliztion to survive. Our patterns of consumption are literally killing our & most other species. It is ecocide.
HUNDRED DOLLAR per gallon gasoline prices would NOT cover all the social & environmental costs of driving cars powered by burning fossil fuels.
Oh, you wanna know the other four MBA-worthy sentences, hippies? Is the check in the mail? Ask me about it when you see me at the beach...