The Bush energy plan
The energy plan proposed by the administration of US President George W. Bush succeeds mainly for what it doesn't propose. For what it does propose, the program deserves qualified praise.
Timing could not be worse for the making of energy policy. Gasoline prices have reached levels that inspire television reporters to conduct insipid interviews at service stations and politicians to demand investigations of oil companies. An electricity shortage grips California, evoking a torrent of blame-shifting and martial nostrums from a governor who needs a vacation.
When gasoline prices reach stressful levels, an impulse arises within government to control them by fiat. When market …