The key elements of such a framework are economic liberty, respect for property, and fair and sensible rules of the market that are enforced equally for all
Oil and Energy Security: Another Fallen "Market Failure"
“Rising Oil Prices Give U.S. An Edge in Global Energy,” a front-page headline in the New York Times read last week. And with that, another “market failure” argument against the consumer-driven U.S. petroleum industry bit the dust, joining the "peak oil" argument for government intervention in order to usher in a post-hydrocarbon age.
Actually, the “peak oil” and “energy security” arguments are different sides of the same coin. The doubling of domestic oil production in the last decade to ten million barrels per day has resulted in a two-thirds-plus decline in US net oil imports (to 19 percent).