“Oil price spikes have preceded 10 of the last 11 U.S. recessions, so we need to eliminate this vulnerability.” – Diana Farrell, Deputy Director of the National Economic Council.
Two industries dwarf any other influence on US energy policy… the Automobile and the Highway Construction complex.
There is a rather antiquated belief that the oil and gas industry drives US energy policy. This is usually framed in people’s minds as a pleading oil and gas lobbyist making sure that the US stays hooked on oil.
While this image may be accurate with regards to the US coal industry, which does indeed have heavy influence on Congress and policy, it’s much less the case with oil and gas. And here’s why: The US automobile industry and the US highway construction industry performs all the heavy lifting one could require…