Energy is a highly regulated industry across the world. There is less debate about the need for government control when it comes to the oil and gas sector. The arguments that most people accept for government intervention in energy, whether in the name of energy access, national security, or climate change mitigation, all share the same general premise: that energy is too important to be left to the whims of the free market.
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But this year, the world has been thrust into an energy crisis, not by the free market or any natural disaster, but by politics. What 2022 has demonstrated is that the conventional wisdom is backward. In reality, energy is far too important to be left in the hands of government.
There is no free market in energy. That’s something even many