True, and I'm sure the fact that we've likely passed peak conventional oil is a contributing factor to the current malaise. In both cases there was probably a

True, and I'm sure the fact that we've likely passed peak conventional oil is a contributing factor to the current malaise. In both cases there was probably a physical underpinning, but economic policies could indeed have helped. In the case of the 70s oil shocks, having more investment capital available allowed more investment in new capacity. Today having more consumer capital available would spur adoption of electric cars, rooftop solar, LED lights, and other consumer next-generation energy technologies that are required to help us shift consumption away from being so dependent on oil. In other words I think today's energy problems are -- paradoxically -- also a demand problem. We need more demand, not less, to drive the adoption of alternatives.