Op-Ed: Conservatives should trust markets to power America’s energy future

A quiet but important shift is taking place in conservative energy policy. Across the center-right, a growing number of U.S. policymakers, business leaders, and investors are returning to classical principles — recognizing that markets, not government intervention, are the best way to secure America’s energy future.That’s what makes Texas Attorney General Ken Paxton’s lawsuit against major asset managers so misguided. The lawsuit accuses firms like BlackRock, State Street, and Vanguard of conspiring to limit investment in coal. But what’s really being challenged is the freedom of investors to make market-based decisions about risk, technology and opportunity. Paxton isn’t fighting overreach. He’s fighting capitalism itself. For generations, conservatives have argued that free enterprise and limited government produce better outcomes than top-down control. In the 2010s, the American Tea Party movement rose by explicitly campaigning against big-government mandates — from Common Core to the Affordable Care Act to Wall Street bailouts. Whether you agree with the movement or not, Paxton’s effort flips that logic on its head, substituting the judgment of politicians for that of investors and consumers. Using the power of the state to punish private firms as Texas and other states are trying to do for assessing market realities undermines the very principles of free enterprise conservatives have long defended.Conservatives across the country are speaking up. Former Texas Governor Rick Perry, who served as President Trump’s Energy Secretary, has called Paxton’s lawsuit “misguided,” warning that it will undermine President Trump’s energy agenda. He’s right. The reality is that investors are responding to economics, not ideology. Renewable energy, like wind and solar, have become more competitive and cost-effective. It is why investment in clean energy globally is expected to top $2.2 trillion by the end of the year. Emerging technologies are gaining traction. Markets reward efficiency and innovation, and they penalize waste and stagnation. When the government steps in to dictate how capital should be deployed, it distorts these signals and increases costs for everyone.If the goal is to strengthen America’s energy leadership, the path forward isn’t litigation, it’s certainty. China is moving full speed ahead to dominate global clean energy manufacturing and electric vehicles. Investors, utilities, companies, and developers need stable policy and predictable rules to plan decades-long projects. Permitting reform, consistent tax policy, and clear regulatory standards will do far more to unleash American energy investment than courtroom battles waged by politicians with a vendetta.Investment is already flowing. Across the country clean energy projects are expanding, many of them in Republican-represented districts. These projects aren’t ideological. They’re about job creation, reliable power, and economic competitiveness. As demand for electricity grows — driven by data centers, electric vehicles, and industrial production — the United States must bring more generation onto the grid. Every credible forecast shows that we will need more energy sources to meet that demand.This is where conservatives have a clear advantage. A market-driven energy agenda doesn’t require choosing between fossil fuels and renewables. It simply requires letting competition decide which technologies deliver the most affordable, reliable, and secure energy. That approach aligns perfectly with conservative values: economic freedom, property rights, and limited government.The language conservatives use also matters. Energy security, reliability, and economic growth are the winning arguments. Last month, I joined a group of former Republican members of Congress to push this message home: American competitiveness depends on abundant, affordable energy. If we fail to provide it, electricity prices will rise for everyone, industries will leave, and our geopolitical strength will weaken. The choice before conservatives is straightforward. We can embrace a forward-looking, pro-market energy strategy that builds on our strengths — or we can drift toward using government power to pick winners and punish others because of politics. The former leads to innovation and growth. The latter leads to stagnation and uncertainty.Conservatives built their legacy by trusting markets, empowering entrepreneurs, and limiting government interference. It’s time to apply those same principles to energy. The market, not the courtroom, should decide America’s energy future.