Economic Insights – May 2016

Almost thirty-five years ago, when President Reagan went to the British House of Commons and said “freedom and democracy will leave Marxism and Leninism on the ash heap of history,” only a tiny proportion of experts believed that within ten years the Berlin Wall would be no more and neither would the Soviet Union. The Soviet central planners could simply not compete with American entrepreneurs when it came to modern defense systems.

When we first began talking about the North American Energy Revolution, many experts believed in “peak oil.....