Former U.S. President Gerald Ford died yesterday at 93.
At the bottom of this post is a long section on energy from Ford's 1975 State of the Union speech. In it he noted that America's surplus oil -- and its attendant ability to stabilize world oil prices and prevent the emergence of a petroleum cartel -- had vanished in 1970; we had become net importers of oil. He worried about our loss of energy independence and recommended a crash course in energy production.
You will recall that President Carter took those concerns seriously and put in place programs to address them.
But the cartel that formed after we lost our energy independence, OPEC, quite enjoyed our dependence. Rather than use it to hurt us, it plied the world market with cheap oil, upon which floated enormous U.S. prosperity. Ronald Reagan abandoned all pretense of fighting for energy independence and instead cruised on cheap-oil-driven economic growth to "Morning in America."