This segment of What’s Ahead deals with a serious global energy shortage.
The 1970s energy crisis saw oil prices go up more than twelvefold and motorists lining up for gas. But that disaster was the result of a collapsing dollar. There was no shortage of oil. Those lines were created by government-imposed price controls. When the controls were lifted, the lines disappeared. When the dollar was stabilized, oil prices plummeted.
Today, by contrast, there is an ominous paucity of available petroleum. For example, contrary to public impression, OPEC has virtually no spare capacity.
Unfortunately, the Biden regime isn’t pursuing needed steps with an appropriate sense of urgency.
Pray for a warm winter!
