By David Seymour, Saskatchewan Policy Analyst, Frontier Centre for Public Policy
Despite their recent slump, high oil prices may turn out to be history’s reference card for 2008. Many pundits would happily file it next to 1973 as a watershed in economic history. They claim we have reached a “tipping point” where oil will be permanently more expensive than before because this oil shock is caused by a natural shortage rather than a 1973-style politically created one.