Former Federal Reserve Chairman Alan Greenspan yesterday said the United States has no control over oil prices, which are now in the hands of big state-owned oil companies, and it will not have energy independence any time soon unless it produces technological breakthroughs on ethanol or alternative fuels. . . . To defend against energy shocks caused by hostile foreign producers and other disruptions in today's tight markets, Congress should be sure to ward off protectionism and keep nurturing open markets. Lawmakers also need to fund research into the feasibility of mass-producing alternative fuels like liquefied natural gas and ethanol produced from grass and other agricultural fibers, he said. (Washington Post, Thursday)
Open markets and government-financed fuels.
FEE Timely Classic
The New Industrial Policy by Thomas J. DiLorenzo