Energy's Foreseen Crisis ; Congressional Action Demands Freedom From Foreign Oil

Summary

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Deja vu is the French term which describes that funny feeling that you have some how already experienced a particular event; in fact the phrase literally translates as "already seen."

After hearing about OPEC's latest announcement that it will cut oil production by around a half a million barrels of oil per day (bpd) to shore up "falling prices," I cannot help but wonder why today's energy crisis hasn't given more of my colleagues in Washington a powerful sense of deja vu that we are reliving the worst days of the 1970s all over again.

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Energy's Foreseen Crisis ; Congressional Action Demands Freedom From Foreign Oil

Back then, the poor U.S. economic policy of price controls and windfall tax only contributed to what OPEC began. Today OPEC's tactics may have changed - manipulating supply to jack up the price versus an outright embargo - but the re...

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