by Richard A. Epstein
August 07, 2012
Today, as in 2008, no one has found a way to store renewable energy sources except at a prohibitive cost. Wind and solar power must be used when they are created, whether needed or not. These major difficulties have not stopped the United States government from lavishing extensive subsidies on an industry that is ill-equipped to use them. The more sensible approach is to think hard about ways to improve the energy situation no matter what the ultimate truth on global warming is, and then design incentives to reduce pollution to acceptable levels in light of our best scientific knowledge. In this regard, it is disconcerting to see the environmental backlash against the expansion of fracking.