Episode 9 – Milton Friedman Speaks – The Energy Crisis (Podcast)
Free To Choose Media Podcast
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The Future Price of Oil Should Not Rise Overnight
Oil is a producible resource at constant, more or less constant, or indeed, declining costs. Because of the improvements in the technology of drilling and exploring you can find more. Government policy has been making energy more expensive than it should have been relative to the real cost of producing energy. We have been over paying for it. If we allowed the market to work, if there were such a fundamental change, that would show up in the form of a change in the price pattern.
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