For years people have been told to expect a dismal energy future. But because of rapid free market innovation, Americans now can look forward to a future of energy abundance. The U.S. could even become a leading exporter—if Washington gets out of the way.
Successive presidents and Congresses imposed controls, approved subsidies, created bureaucracies, and issued proclamations. The most common commitment was to achieve “energy independence.” But President Ronald Reagan set the stage for today’s energy advances by unilaterally eliminating oil price controls and pushing Congress to drop natural gas price and use restrictions.
However, his successors have regressed back to expensive social engineering. Barack Obama poured billions of our dollars into the coffers of well-connected alternative energy firms, several of which, such as Solyndra, have gone bankrupt. It’s time to get serious about support the rapid development of oil and gas right here in America.