“Drive Fast, Freeze a Yankee!”

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!”