Delivered at the Bank of America, San Francisco, California.

Brochure summary:

It's pointless to try to predict the availability of adequate sources of energy. What we need is an adjustable mechanism to enable us to adapt to whatever happens. We already have such a mechanism: The market helps us make transitions to the future--just as it has done in the past--if it is allowed to operate freely. Our present energy crisis exists because this crucial mechanism has not been allowed to function freely. Our prospects will be much improved if we can devise means to abolish--or at least work around--the government controls that interfere with the production and distribution and use of energy.

"We tend to forget that the price and wage control measures of 1971 bear a great deal of responsibility for our present oil problem. They have been eliminated on every other product but not on oil. The retention of price controls on oil has discouraged production, encouraged consumption, increased the fraction of our energy that comes from abroad, and established new vested interests in the maintenance of controls."