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Republican Sen. Ted Cruz is pushing for regulators to step in after a statewide winter storm knocked out power for millions of Texans in mid-February.
But it wasn’t long ago that Cruz attributed the state’s prior energy successes to low regulation.
Texas began its quest for energy deregulation in 1999, according to The New York Times, when the state shifted control of the sector to a market-based system reliant on private generators, retail electric providers, and transmission companies. Texas is the only state in the mainland-US that is not part of the federal electric grid.
Twenty years later, in 2019, the state’s crude oil production broke a 40-year-old record, prompting Cruz to cite Texas’ decision to deregulate the sector as a primary reason for its energy production and suggested that more states should do the same.
“We work to export this recipe for success to more & more states so that all Americans enjoy the same prosperity,” Cruz said in a tweet.
— Ken Klippenstein (@kenklippenstein) February 21, 2021
Just two years later in February 2021, however, a US-wide winter storm blanketed the nation in snow and ice, prompting electricity struggles for millions of Americans. No state …read more
Source:: Businessinsider – Politics