Subsidies Won't Fix the Energy Industry

Having taken back the House, Republicans say they want to revamp domestic energy policy. Rep. Cathy McMorris Rodgers (R–Wash.), the ranking member on the House Committee on Energy & Commerce and its likely chair next year, has said the party wants "workable solutions to make energy cleaner, reduce emissions, prioritize energy security, and keep energy costs low."

Politicians and bureaucrats have been singing this tune for decades. One thing they've done wrong is waste billions of dollars on energy subsidies. Instead of fueling innovation, subsidies have unfairly cherry-picked certain energy...