Why not deregulate electric, gas, and telephone utilities?
Deregulation in the energy industry has not served ratepayers or the economy well. The California energy crisis in the late 1990s/early 2000s was the result of deregulating local electric utility companies. (At no time during the crisis did demand for electricity outstrip supply.) The Enron debacle was also the result of deregulation. The energy industry faced a financial meltdown in the early 2000s, due to deregulation of the electric wholesale market, when it lost $100 billion as a result of building too many natural-gas fired power plants. Ratepayers will be paying for this public policy disaster for many winters to come, as increased demand for natural gas in the electric industry has sent heating costs through the roof. In terms of commodity price for natural gas, the industry has been fined over $4 billion over the last 5 years for manipulating natural gas prices. This is all due to relaxed regulation. Indeed, we appear to be recreating the problems that occurred in the 1920s in
