From the Editorial Board: Sticker shock at the pump has become Exhibit A of how inflation is pushing up the cost of living across the board.
A customer fills up a vehicle at a BP gas station in Chicago on March 31, 2022.
For starters, the world now recognizes the folly of relying too heavily on energy supplies from Russia — or any other corrupt autocratic power, for that matter. The EU had been importing 27% of its oil and 40% of its natural gas from Russia. Now, belatedly, it’s shifting gears. Landlocked countries like Hungary will take longer to wean themselves off energy from Putin & Co., but over time the EU is on track to become less dependent on Russian imports.
Another legacy of the 1970s oil shock was a steady increase in energy efficiency in everything from transportation and power generation to household appliances. Part of the impetus was the political necessity to “do something.” The oil embargo pressured the U.S. to adopt fuel-economy standards for passenger vehicles, a gas-saving, 55-mph highway speed limit and increased government support for alternative energy sources such as solar and wind — mostly positives from our point of view.
Anyone who lived through the 1970s also surely recalls the finger-pointing that characterized political discourse. Politicians casting blame on others is not something invented in the current era by the rise of Fox News, MSNBC or Twitter.The list of villains for the Arab oil embargo started with the Arab oil producers, naturally, but also included Detroit automakers, multinational oil companies and hapless federal bureaucrats, among other juicy targets.
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