You wouldn’t know it by the speculative price rise in oil recently, but some pretty important things have changed–for the better–in US oil policy in just the last five years, in part because Democrats and Republicans have both supported common sense policies.
America cannot control the price of oil. But we can control our own energy destiny. An aggressive national energy policy that includes investments in domestic oil production, improving efficiency and creating more oil substitutes can insulate our economy and our people from the worst of coming oil price shocks. And doing that will go a long way toward making future Groundhog Days a lot less painful.