In October 1993, I published a pamphlet in Studies in Market-Based Energy Policy (#3) with the above title. On its thirtieth anniversary, I excerpt its major parts. So how does it read today–and compare to other writings of its time that were critical of fossil fuels? I report: you decide.

“From today’s [1993] vantage point, the energy-policy lesson has been half-learned. It is widely known that major command-and-control regulations do not work. The lessons of the 1970s energy crises have not been forgotten, and another energy crisis cannot be expected without price and allocations regulations.”

Executive Summary (pp. 1–2)

This primer on energy choices and market decision making has direct implications for energy policy. If voluntary choices in a free-market setting result in efficient outcomes, many current energy policies based on taxation, subsidies, and regulation can be critically questioned.…

Ed. Note: This MasterResource post from February 2011 is reprinted for its relevance with the 50th anniversary of the Arab Embargo this month. If authorities impose price and allocation controls today as they did in the 1970s, or during the world wars, expect a return of the gasoline lines. [Bradley has written three pieces on the anniversary of the Arab Embargo at EconLib (here and here), AIER (here), and IER (here).]

For decades I have enjoyed the opinion-page editorials of the Wall Street Journal, both the unsigned editorials and the guest opinions. During the 1970s energy crisis, and today amid climate alarmism and the futile crusade to regulate carbon dioxide, the Journal has been a bastion of sound economic thought.

I was recently reminded of perhaps my favorite WSJ energy editorial of all, “Buffer of Civility,” published during the dark days of energy rioting in summer 1979 (yes, the U.S.…

“While limited, customer choice and utility switching in Georgia has a large impact on the utility behavior and regulatory policies. Because of options, utilities try to treat customers like, well, customers. But it is time to promote markets in place of remaining governmental mandates and controls.”

The prevailing goals sought by those seeking reform in the power market are mandated access and common carriage for state regulated utilities. However, this alternative is at odds with unleashing entrepreneurship in this power market. The far better development would be the spontaneous, voluntary, indigenous, bottom-up approach for the development of market relationships rather than government mandates.

The state of Georgia has a system that is near such a market. With a few changes, a truly liberalized market is possible. The ninety different utilities in the state share the high voltage system in common.…

“I was in Boone, North Carolina, from 1977 through May 1983 at Appalachian State and, trust me, we got many laughs out of this windmill. Especially how it generated one MW of reliable electricity and, somehow, did so without the blades ever turning.”   – Victor Culpepper

On social media, environmental scientist Victor Culpepper remarked (above) about an early wind project with reference to an article, Ill-Fated Windmill Just Outside Boone (July 11, 2016). A previous MasterResource post recounted the 1940–45 Grandpa’s Knob grid wind power project in Vermont; the article below from North Carolina’s Department of Natural and Cultural Resources summarizes a 1979 wind project.

On July 11, 1979, Boone celebrated “Windmill Day” with a street festival to dedicate NASA’s Mod-1, the world’s largest megawatt industrial windmill on Howard’s Knob.

The windmill was installed on the 4,400-foot peak as part of a program run by NASA and the U.S.