At least when it comes to the automobile--no it is not an extension of yourself, regardless what claptrap the media pump into our homes.
“.. . The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan). . .. . . .Because of the dependence of the industrialized world on crude oil and the predominant role of OPEC as a global supplier, these price increases were dramatically inflationary to the economies of the targeted countries, while at the same time suppressive of economic activity. The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. The United States of America, however, failed to produce any major initiatives towards reducing its foreign dependency.” . . .
. . . The U.S. government response to the embargo was quick but of limited effectiveness. A National Maximum Speed Limit of 55 mph (near 90 km/h) was imposed through the Emergency Highway Energy Conservation Act to help reduce consumption. . . ."
SOURCE: WIKI
It took Detroit until 1979 to downsize its V8 behemoth automobiles, but by that time Japanese and foreign automakers has already captured the sizeable market for imports.
The 1970 Chevy Caprice came with all the amenities - like an 8 Track Tape player and an optional 454 cubic-inch, 390 horsepower Turbo Jet V8 engine that would net you an impressive 5 miles per gallon - of premium gas. or you could in 1970 buy Toyota Corolla with 126 HP 28 mpg/37Mpg.
Read More »To the editor:
Today's editorial "All gassed up in the Senate" argues that the CAFE standards (Corporate Average Fuel economy) imposed by Congress have not achieved a reduction in overall gasoline usage. Assumptions like this are at best difficult to prove and most likely not a proper correlation. What is clear is that the price of gas has not yet risen to the point which would force us to significantly modify our driving habits. It would be better to ask the question, how much more gasoline would we be using without CAFE?
Fuel usage in our country is, as economists would say, semi-elastic. Price thus far has only had a minor effect on usage. Perhaps that is because we live in a culture that requires us to drive often and the price of gas has not yet become a significant factor in reducing "elective" driving; those extra, non-essential trips we take without considering the price of fuel.
It is true that fuel imports have nearly doubled since the CAFE laws were passed in 1975. However fuel usage and imports would be even higher if CAFE was not in effect. One loophole in the CAFE standards requires a much lower standard for SUV's, pick up trucks and other large vehicles, very popular until recently.
Fuel usage will only go down when the price of gas causes us to change our driving habits and higher CAFE standards ensure that we use less fuel than we would with lower standards. The current public discourse over energy, however, leaves me with hope.
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