It is now well understood that the “energy crisis” of the 1970s was entirely the product of bad government policy. If you need a primer on this point, see Peter Grossman’s fine book from Cambridge University Press, U.S. Energy Policy and the Pursuit of Failure. Federal price and allocation controls meant that disruptions in the oil market by OPEC were magnified here at home, with the result being artificial shortages. Everyone … Continue reading “Drive Fast, Freeze a Yankee!”