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ABSTRACTFrom the Truman presidency through that of Carter, the United States worked fitfully toward the development of an energy policy. Now, consistent with the "free market — get government off the backs of the people" philosophy of the Reagan Administration, the 1981 National Energy Policy Plan proposes that "individual choices" and "reliance on market decisions" replace regulations and subsidies in the nation's strategy for energy.This paper starts from the assumption that the Spring, 1982 oil "glut" may turn out to be a rather temporary thing. If one therefore wants to pursue a policy strategy that will protect us in the case of sudden short‐term supply disruptions and also work toward long‐term energy supply diversification, how far will market reliance carry us? What is a range of policies and programs that might usefully supplement the market? What are the externalities for which compensatory actions may still be needed if one would like to employ the market strategy as a basic thrust?The scope of the paper includes contingency planning, synthetic fuel development, renewables (especially solar energy), conservation, equity issues, environmental externalities, and the conceptualization of policies differentiated as "energy,""environmental," or "economic."