The Doomslayers Are Shaping America’s Energy Policy

“The shale revolution shows how resourceful we can be. Not long ago, experts confidently argued that the US was running out of economically recoverable oil and natural gas. Then, entrepreneurs and engineers transformed global energy markets through hydraulic fracturing and horizontal drilling. Rather than continuing our slow decline in oil and natural gas production, the US now leads the world.

The important lesson is more philosophical than technical. The shale revolution was not centrally planned into existence. It emerged from decentralized experimentation, private investment, risk-taking, and a government that respects property rights and otherwise gets out of the way. In other words, it emerged from the exact kind of society Simon believed produced human progress.”

https://www.cato.org/blog/doomslayers-are-shaping-americas-energy-policy