Texas' Energy Lessons From the 1970s

Unrest in the Middle East, rising oil prices and frustration with federal energy policy — for Texans of a certain age, today’s headlines must seem like déjà vu all over again. The current situation is far less severe than the aftermath of the 1973 Arab oil embargo. But the parallels are unmistakable. 

Back then, state officials railed against federal price controls for natural gas because they reduced the incentive to hunt for new supplies. Today, Texas policymakers rage at Washington for moving too slowly to approve leases for deepwater offshore drilling, and for imposing tight environmental controls that could ...

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