Twenty-nine years ago on July 15, 1979, President Jimmy Carter gave a famous speech to the nation warning of the country's dependence on foreign oil and an impending energy crisis. The speech made serious proposals that included mileage restrictions for cars, an excess profits tax for oil companies and restrictions on the use of foreign oil. Due to some of the rhetoric in the speech Carter was held up to ridicule as weak. He scolded the country for a 'crisis of confidence' and a 'national malaise.' His suggestions were blown off as the economy improved, setting up the election of Ronald Reagan. Subsequently the US was able to buy its way out of the energy crisis of the '70s.
But the questions arises: how much would gasoline cost today if the nation had followed some of Carter's advice?