“In the U.S. energy sector, market reliance has produced economic coordination, fostered economic growth, and democratized wealth. Government intervention, on the other hand, such as oil and natural gas price controls in the 1970s, has produced shortages, civil strife, and bureaucratic waste.”
Energy is the master resource. Without energy, other resources could neither be produced nor consumed. Even energy requires energy: There would not be usable oil, gas, or coal without the energy to manufacture and power the requisite tools and machinery. Nor would there be wind turbines or solar panels, which are monuments to embedded fossil-fuel energy.
Just how important are fossil fuels relative to so-called renewable energies? Oil, gas, and coal generate the electricity needed to fill in for intermittent wind and solar power to ensure moment-to-moment reliability.…