Editorial - New energy approach

Attention to US energy policy will revive in 2005 after an impressive string of failures by Congress to enact comprehensive energy legislation. The degree to which Congress and the energy industry pursue a new approach this year will be a test of seriousness. The past approach doesn't work.The past approach tries to do too much at once. Comprehensive energy legislation, enacted or not, is destined to fail. It inevitably becomes a special-interest free-for-all. And the oil and gas industry gets drawn in, compromising its way into support of subsidies for chronically uneconomic energy sources and of wealth transfers such as mandates for ethanol in gasoline.Guilt by associationThe indust...

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