International Politics ///
Energy legislation update. In the wake of 9-11, the global war on terror, and increased oil and gas usage world-wide, the US Congress has scurried to pass meaningful energy legislation at a pace previously unseen. The goal is to increase US oil and gas production, decrease imports and increase efficiency. But is Congress being effective? A look back at past energy bills sheds light on the present, and provides a glance into the near-future of energy legislation.
Historical review. The most significant energy legislation after World War II occurred in response to the Arab Oil Embargo of 1973, when the Organization of Petroleum Exporting Countries (OPEC) halted oil supplies to the US and Europe for supporting Israel during the Yom Kippur War. OPEC drove the price of oil from $3/bbl in 1973 to $11.65/bbl in 1974. Resultant inflation and a gas shortage sent the US reeling.
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