Good commentary appearing this week on Congress’ ill-conceived and doomed-to-fail legislation that replaces the free market (OK, a mixed market) with industrial policymaking on energy. From Andrew P. Morriss, senior fellow at the Institute for Energy Research, Houston, Texas, “De-Clogging Energy Regulation“:
Politicians are right in suggesting that America faces certain serious energy problems, but they’ve misdiagnosed both the problems and the cure. America’s energy markets, including the infrastructure that makes trading in energy possible (made up of pipelines, oil and gas terminals, and refineries), are clogged with the debris of almost a hundred years of state and federal regulation. This “regulatory cholesterol” is as damaging to our economy as the “cholesterol” analogy suggests. Remaining within the analogy, the proposals that have been made by politicians are the equivalent of recommending that a heart patient in need of a triple bypass eat more steak instead of undergoing surgery. If we are going to meet our future energy needs, we need to unleash entrepreneurs on the problem. And that means politicians need to get out of the way, not add another layer of regulation.
Really an outstanding column. Read the whole thing.
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