From Alex Epstein, fellow at the Ayn Rand Center: This four-part post examines the innovation and creative destruction of the early oil market.
The most important and most overlooked energy issue today is the growing statist threat to global energy supply.
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There is no substitute for available, affordable, and reliable supply. Cheap, industrial-scale energy is essential to building, transporting, and operating everything we use, from refrigerators to Internet server farms to hospitals. It is desperately needed in the undeveloped world, where 1.6 billion people lack electricity, which contributes to untold suffering and death. And it is needed in ever-greater, more-affordable quantities in the industrialized world: Energy usage and standard of living are directly correlated.1