The experience of the past fifty years - and indeed much longer than that - affirms that market forces play the key role in conserving scarce energy resources, directing those resources to their most highly valued uses. The availability of adequate productive capacity, of course, will also be driven by nonmarket influences and by other policy considerations.
This, in spite of $ trillion of additional spending by the world’s governments in response to the global financial crisis and over $ trillion of quantitative easing by the major central banks.