The term “energy crisis” has been a part of our economic lexicon since the early 1970s. It is time for us to realize that “crises” don’t last 30 years unless they are nurtured by perpetually poor public policy.For the past 35 years, whenever high energy prices caused public consternation, politicians have been quick to inform the American electorate of a planned path to energy independence via a familiar and recurring set of regulations, government subsidies, and technological advances.Over this same period, global energy markets have responded to these price signals with increasing supplies of conventional fuels. Predictably, the high prices that sparked all...