Next time you hear that the Kyoto accord would decimate the US economy, you can cite this factoid for the sake of discussion.
The United States last paid attention to oil during 1977–85, spurred by the 1979 “second oil shock,” which raised prices even more than the 1973 Arab embargo had done. In those eight years, the United States proved it could boost its oil efficiency faster than OPEC could cut its oil sales: the U.S. had more flexibility on the demand side than OPEC had on the supply side. While U.S. GDP rose by 27%, oil consumption fell by 17%, net oil imports fell by 50%, and net oil imports from the Persian Gulf fell by 87%.
If that sounds interesting, read more about the book it came from, by Amory Lovins, Winning the Oil Endgame: Innovations for Profits, Jobs, and Security.
The Economist says in its review:
Amory Lovins has some sharp and sensible ideas. In “Winning the Oil Endgame”, a new book funded partly by America’s Defence Department, this sparky guru sketches out the mix of market-based policies that he thinks will lead to a good life after oil.
First, he argues, America must double the efficiency of its use of oil, through such advances as lighter vehicles. Then, he argues for a big increase in the use of advanced “biofuels”, made from home-grown crops, that can replace petrol. Finally, he shows how the country can greatly increase efficiency in its use of natural gas, so freeing up a lot of gas to make hydrogen. That matters, for hydrogen fuel can be used to power cars that have clean “fuel cells” instead of dirty petrol engines. It would end the century-long reign of the internal-combustion engine fuelled by petrol, ushering in the hydrogen age.
That should catch the interest of conservative skeptics suspecting a treehugger plot. But then they go and save a bunch of trees! The electronic version of the book is free! Download here.