The fall of Col. Gaddafi should make other tyrants quake, although it would be naive to imagine that something better is invariably waiting in the wings. There appears little cause for market panic. Libya exports 1.3 million barrels a day, but Saudi Arabia reportedly has some four million barrels a day shut in, and is prepared to open the taps. Meanwhile, the OECD countries have a hefty 1.6 billion barrels of strategic oil reserves. However, the best guarantee of long-term energy security—as has been demonstrated over the past 30 years—is free people and free markets.