"When an irresistible force such as you
"Meets and old immovable object like me
"You can bet just as sure as you live
"Something's got to give ..."
-- Johnny Mercer

WASHINGTON -- When Johnny Mercer penned those words, he was speaking of love not politics, and not the politics of energy. But he could have been.
In energy, there are two great forces that collide: public policy and the market. Despite the love affair of recent decades with markets, neither is always right.
Consider the struggle between old energy --market-tested and with a mature infrastructure -- and new, alternative energy.
Public policy, under Republicans and Democrats, has sought to discourage the nation's ever-greater dependence on imported oil (about 60 percent). But the market has sung a siren song, tempting us to more oil consumption.
Back in the 1970s, when we imported only 30 percent of our oil, the country was frightened into making great efforts in research and development to find alternatives to oil. Most of those concentrated on oil substitution and new ways of making electricity. None of the new ideas penetrated the market in any serious way, with the possible exception of wind, and that took many years to gain general acceptance and to overcome institutional and technical issues.

The Big Enchilada, oil, proved to be recalcitrant. President Jimmy Carter wanted to make it from coal; and a

nascent ethanol industry was tentatively testing the forbearance of government in seeking tax breaks and subsidies.
The search for a way out began after the Arab oil embargo of 1973-74, and reached a zenith with the Iranian Revolution of 1979. Many well-intentioned programs were undertaken, concentrating primarily on coal -- coal as a gas, coal as a fluid and the improved combustion of coal.
But it was then, as it is now, a wild time for new entrants. Dozens of projects were funded including magneto-hydrodynamics, in situ coal gasification, garbage to electricity, battery research, cryogenic transmission research and energy storage in fly wheels.
Some, if not a majority, of the projects were pure science fiction.
The energy establishment favored not so much the new as the duplicative. Its members leaned to coal, oil shale, more oil and gas leasing and more nuclear. The old Mobil Oil Company paid a whopping $212 million for a Colorado oil shale lease without regard to how it could be worked.
Across the Southwest, banks lent to every energy project that came through the door. Natural gas got short shrift because it was wrongly thought to be a depleted resource.
Then in the mid-1980s, Saudi Arabia opened its oil spigot all the way (10 million barrels a day) and the market annihilated expensive energy from new sources. With gasoline cheap again, SUVs hit the roads in giant numbers; a string of Southwest banks collapsed; and the energy debate turned not to changing consumption but to deregulation, facilitating profligate use across the board.
The market spoke and it shouted down concerns about national security or technological substitution. Public policy surrendered to the market. Despite fine speeches from secretaries of energy on the danger of exporting our security and our money, the market continued its advocacy of excess.
The George W. Bush administration identified our vulnerability in oil and identified a looming crisis in electricity. But it faltered when it came to government coercion of markets; for example, getting more nuclear plants built.
Bush himself fell for the temptations of ethanol from corn and the possibility of switch grass. Now these are under threat from new discoveries of oil off Brazil and far greater estimates of oil production from Iraq. In fact, Iraq is being touted as a rival to Saudi Arabia with Brazil right behind it.
The Obama administration is hell-bent on getting off old energy. It loves "alternatives" and it's committed to doing something about global warming.
But in research, money does not equal results. While the Department of Energy is chock full of money for new energy research and development, cheap natural gas and new potential oil from unexpected quarters may do to Obama's new energy hopes what it did to Carter's: undermine and expose them to ridicule.
Public policy may again be pushed around by the irresistible force of the market, even if it is not serving the national interest.
Llewellyn King is host of television's "White House Chronicle" on PBS.