Oil Crisis 101

The United States did not learn the lessons from the oil shocks of the 1970s and 1980s. Since that time, oil consumption has surged. The U.S. has relatively low gas prices, the least fuel-efficient cars, and the longest daily commutes of any industrialized nation. About a quarter of the world’s oil goes to the United States every day, and more than half of that goes to cars and trucks. The U.S. raised its fuel efficiency goal to 35 miles per gallon by 2020, while the current standards for Japan, the European Union, and China are already 46 mpg, 43 mpg, and 36 mpg respectively.