Voluntaryism in the evolution of the oil industry

posted by
February 21, 2011
by Carl Watner  
Posted in Commentary

"The development of the oil industry represents the spontaneous order at work. First, the discovery of oil in commercial quantities in this country was not the outcome of a government sponsored search. It was the result of certain far-thinking men being alerted by high prices on the market. Second, the drilling of Drake's well was not planned by any governmental agency, nor was it licensed, supervised, or taxed at the start. Third, since the United States government, and its courts and legislatures, did not have its hands in these developments, it was impossible for them at the beginning to create laws for a product that hitherto had been of little importance." (02/20/11)


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