Among U.S. producers of oil and gas, an old yearning has resurfaced for a national energy policy. In the difficult aftermath of a market crash, the urge is understandable. And it must, for now, be resisted.
The yearning takes one of its several forms in a petition to the Department of Commerce for a ruling, under Section 232 of the Trade Expansion Act, that dependence on imported oil threatens national security. If the department follows historic precedent, it will determine that the phenomenon indeed constitutes such a threat. And there concern will die.
This represents the best probable outcome.
Probable vs. possible
Superior outcomes are, in theory, possible. The go...