Cato’s Jerry Taylor and Peter Van Doren take on taxpayer-funded synth-fuels in NRO today. Here’s a starter:

Soaring gasoline prices are prompting politicians on both sides of the aisle to contemplate a re-embrace of one of the worst financial boondoggles of the 1970s — synthetic fuels. Of course, the coal industry is smart enough to rebrand this technology, so the new term of art is “coal-to-liquids.” While turning coal into oil (and then into gasoline) would be a wonderful idea if it could be done cost effectively, it can’t — which is why the coal industry is banging on the federal door for lavish taxpayer subsidies. The fact that these proposals are being seriously entertained in Washington speaks volumes about why politicians should be kept as far away from the energy business as possible.