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Columbia Law School

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Energy and Utilities Law

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Energy Policy: Past Or Prologue?, Michael J. Graetz Jan 2012

Energy Policy: Past Or Prologue?, Michael J. Graetz

Faculty Scholarship

The United States was remarkably complacent about energy policy until the Arab oil embargo of 1973. Since then, we have relied on unnecessarily costly regulations and poorly designed subsidies to mandate or encourage particular forms of energy production and use. Our presidents have quested after an elusive technological “silver bullet.” Congress has elevated parochial interests and short-term political advantages over national needs. Despite the thousands of pages of energy legislation enacted over the past four decades, Congress has never demanded that Americans pay a price that reflects the full costs of the energy they consume. Given our nation’s economic ...