If the opponents of President Bush s energy policy were as quick and creative about finding solutions to our energy woes as they are about criticizing the policy, we d be exporting kilowatts to every corner of the globe by now. They re wrong. The plan makes a good deal of sense largely because the president understands basic economics. His plan takes a giant step toward allowing the market to correct the current imbalance between supply and demand.
Some people urge more conservation.
But conservation can t solve the problem by itself. The other 49 states can learn a lot from California, where the recipe for blackouts has been perfected. Just add excessive federal regulations that boost the cost of electrical production and discourage new production to a flawed deregulation plan. Mix in price controls, and you ve got a market for flashlights. But it s not just California.