New Delhi, March 25 -- In every crisis lies an opportunity, it is said. At the very least, today's hydrocarbon crisis should re-open India's forlorn debate on pushing oil and gas into a closer market embrace as a sector. Ever since we ran into supply snarls that began with yet another war in West Asia, shock-absorbers have been in focus, along with our import dependence.

To be sure, this is no ordinary shock. International Energy Agency head Fatih Birol has described it as being worse than the twin oil shocks of the 1970s and the gas crisis after Europe's 2022 outbreak of war combined. For enduring resilience, however, we need structural change.

Policy must not just enlarge the scope for domestic exploration and production while we spee...