We’ve seen it before. Tough talk in the early ’70s for an energy independent America as OPEC’s oil embargo quadrupled the price of petroleum from $2.90 a barrel to $11.65 a barrel. Then, in close pursuit, came the second oil shock of 1980 as the Iranian Revolution halted oil shipments, skyrocketing prices from $13 to $34 a barrel.
The same narrative unfolded as the oil crisis of the 2000s forced crude prices to unseen thresholds, rising above $30 a barrel in 2003, peaking at $147.30 in July 2008. In all cases, the call for alternate and cleaner energy resources resonated throughout the U.S.
