Posted by Jonathan Adler:
Regulatory Sclerosis in Energy Markets:
http://volokh.com/archives/archive_2007_09_23-2007_09_29.shtml#1190897710
It is still "[1]Energy Week" on NRO. Among today's articles is [2]this
piece by my former colleague Andrew Morriss on the regulatory
sclerosis afflicting energy markets. His bottom line:
On the rare occasions when energy markets have been allowed to work
relatively unimpeded by political efforts to serve special
interests, market forces and private enterprise have delivered
dramatic improvements in energy. Competition, not government tax
breaks, drove the �octane race� of 1930�s that boosted gasoline
quality. Market forces, not government regulations, led some U.S.
oil companies to lead the world in the development of the tanker
fleets, oil terminals, and exploration rights around the world that
brought America falling energy prices throughout the 1950�s and
fueled the post-World War II boom in automobile travel. Companies
seeking an advantage in sales, not bureaucrats, drove the
development of retail innovations, from clean service station
restrooms, to today�s pay-at-the-pump technology. Improved blends
of gasoline for high altitudes and cold weather came from
entrepreneurs, not regulators. If we unleash the power of markets
and entrepreneurs on our energy problems, American consumers can
count on economical, safe, and reliable energy supplies. If we let
politicians in Washington and state capitols force feed our energy
markets more �regulatory cholesterol,� we face a future of rising
energy prices, shortages, and an increasingly unreliable
infrastructure.
References
1. http://energy.nationalreview.com/
2.
http://energy.nationalreview.com/post/?q=ZjMyNjBkOWUyYjhkYmZkYWE1ZWZmZThjYjU2OTc4YTY=
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