The Wall Street Journal showed two different energy forecasts. The first was the Exxon/Shell/CIA model used in the mid-to-late seventies that projected inelastic energy demand clashing with limited supply, a forecast that would result in soaring energy prices (this card). The second model (next card) was a simple supply-and-demand curve, in which the rising price of a commodity lowers demand while simultaneously drawing forth more supplies.
The Journal cited an editorial printed five years earlier that said the free market would solve the energy problem if left to its own workings. And so it has.
