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For nearly 50 years, U.S. energy policy has been dominated by concerns over the scarcity and depletion of oil and natural gas. Dependence on foreign oil was often framed as a national security crisis, prompting the creation of a wide array of policies, regulations, and subsidies designed to address this issue. Fuel efficiency mandates, ethanol subsidies, renewable energy incentives, export controls, and domestic production subsidies were all introduced in the name of achieving energy independence and security. Yet, despite these efforts, the desired outcomes have largely remained elusive. Today, however, we stand on the cusp of achieving true energy security. Ironically, it is not the decades of government intervention that have brought us to this point, but the innovation and efficiency of the private sector.
