In Vienna yesterday, OPEC effectively admitted its command and control approach has been trumped by the innovation of American Shale Gas wildcatters. A global glut produced by fracking has forced the once all-powerful oil producing cartel to abandon its strategy of restricting supply to force prices higher. This edition of the Rational Perspective argues that the new era for oil prices is a result of the unleashing of human potential, the most powerful of economic forces. – AH
