Energy is a large and critical component of the economy. Getting energy policy wrong and adopting unnecessarily costly, economically inefficient policies will have a significant negative impact on our standard of living. This book, drawn from the January 2010 conference, of the Hoover Institution's Shultz-Stephenson Task Force on Energy Policy, discusses energy issues critical to our economy, our national security, and our climate-- including energy efficiency, synthetic biology, emerging international energy relationships, and other key topics.

A number of policy recommendations emerged from the discussions at the conference, two of which were particularly critical points of emphasis: (1) The need to support basic research on energy generously on a sustained basis; and (2) The need to establish a price for carbon dioxide emissions. In addition to these points, several other notable themes also surfaced.

First, a successful U.S. energy policy will be based on the willingness to try innovative policy approaches, with the understanding that only a few will ultimately prove successful. Second, a successful energy policy will be one that is flexible and reactive in the face of uncertainty and constantly changing circumstances. Third, a successful global energy system is likely to rely on many local and regional bottom-up solutions rather than top down dictates from a single international authority. And fourth, federal funding can close the gap between the research and development stage (pure science) and full-blown commercial operations that can obtain private capital.

Beyond these themes, the conference yielded specific recommendations in several policy areas. For instance, efforts should be made to increase the use of information technology to support efficient use of energy. A mix of proprietary rights and free, open access to information in the synthetic biology field would be the best way to encourage research while creating incentives for entrepreneurs and investors. And climate negotiations with other countries are most likely to be successful in the context of broader energy and trade negotiations

If we can learn from the mistakes of the past that we have made in these and other policy areas, we can build a bridge to a cleaner and more secure energy future.

Jeremy Carl is a PhD candidate in the Interdisciplinary Program in Environment and Resources and a research Fellow with the Program on Energy and Sustainable Development at Stanford University.

James E. Goodby is a research fellow at the Hoover Institution and a senior fellow with the Center for Northeast Asia Policy Studies at the Brookings Institution.