Fracking-to take one example-was not the brainchild of private-sector research but the fruit of research paid for twenty years ago by the DOE. Yet fracking has collapsed the price of oil and gas and led to American energy independence. Solar and wind technologies are another example. The
Fracking, often viewed as a private sector innovation, actually owes much of its development to historical funding from the Department of Energy. This government-backed research, initiated two decades ago, played a critical role in making fracking commercially viable, resulting in a significant decrease in oil and gas prices, as well as paving the way for American energy independence.
Additionally, advancements in solar and wind technologies also highlight the importance of government investment in fostering innovation. The insights in Michael Lewis's book, "The Fifth Risk," emphasize that public-sector research can lead to monumental shifts in energy production and consumption, significantly impacting the economy and national energy strategy.
