NEW YORK ( TheStreet) -- The hard times of the 1970s became the good times of the 1980s after oil prices were pushed down under the Reagan Administration.
It was a demonstration of "soft power," aided by the oil exporters, that helped win the Cold War but also ushered in wars we're still fighting.
The "secret sauce" of the Obama Administration is that it's working on the same trick -- but not through foreign policy jawboning. Instead, it's being done through the liberal use of fracking technology, and the encouragment of renewable energy (especially efficiency).
The big business story of 2013 will be that the energy crisis is over.In the last year we've seen the price of natural gas roll over. Flaring of gas in the oilpatch and a reduction in new gas production have gotten prices back to break-even. Now oil is in the process of doing the same thing. Energy producers are starting to notice their boom times are ending, as in this story
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