"Why Americans Became More Vulnerable to Oil Price Spikes"

"When prices soared years ago, Americans launched broad efforts to wean the nation off oil and gas to protect households from price swings. But then supply rose and plans fizzled."

"More than a decade ago, when Americans faced surging prices at the pump, policymakers developed a vision to wean people off gas and oil: more efficient cars, more compact and walkable communities, more renewable energy.

“We have a serious problem,” George W. Bush had warned in his 2006 State of the Union address. “America is addicted to oil, which is often imported from unstable parts of the world.” It was a powerful statement for a Republican president with deep ties to the oil business.

His remarks — made as oil prices rose and eventually hit $100 a barrel for the first time in the country’s history — marked the start of several years of a remarkable bipartisan push to wean the nation off oil and gas and better insulate Americans from price shocks in the global oil market.

Officials drew up the first increase in fuel economy standards for cars and trucks in decades. National oil savings plans won broad support in Congress, to address energy dependency as well as the grave threat of climate change. Public transportation advocates launched “Dump the pump” days to urge commuters to take trains and buses."

Hiroko Tabuchi and Maggie Astor report for the New York Times April 29, 2022.

Source: NYTimes, 05/02/2022