Crony Capitalism and the Energy Sector
America’s
energy industries (oil, gas, electricity) have been a bastion of crony
capitalism for much of their history. Leading gas and electricity firms
sponsored state and then federal public-utility regulation during the
Progressive Era and New Deal. Like other so-called public utilities,
they welcomed the prospect of making commission-approved “reasonable”
profits in an entry-restricted environment rather than taking their
chances in open-entry markets.The U.S. coal industry also longed for
federal aid. “The bituminous…Read more...http://oilprice.com/Energy/Energy-General/Crony-Capitalism-and-the-Energy-Sector.html
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