The basic tenets of the Bush energy policy, which emphasizes increased production rather than reduced consumption, were formed early in the president’s first term, when Bush tapped Vice-President Dick Cheney, the former CEO of the Halliburton Company, a major oil-field services firm, to lead the newly formed National Energy Policy Development Group (NEPDG).
Our economy is inextricably tied to the world oil market. Each of the three world oil price shocks in the last three decades—in 1973, 1979, and 1991—was followed by a recession in the United States. As long as we consume large quantities of oil, the American economy is held hostage to the ups and downs of the world oil market.
