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Bell-bottoms are back, disco lives, and one of the hottest shows on television is a rip-off of Happy Days. And while we no longer have a southern governor in the White House, we do have a Texas governor who, like his Seventies counterpart, has put a lot of political chips on the table to pass a hotly disputed energy bill. There are some differences, of course, but the story line is the same: Unless the feds do something to change our consumption habits, pattern of investment, fuel mix, and appetite for foreign oil, the American economy is headed for dark days indeed.
Washington has always been convinced that energy is somehow different from other commodities, ...
Source: HighBeam Research, Oh, No! That '70s Show: Against Carterism in energy policy.