Even so, few would argue that America ignore the lessons of the current price spike. Oil companies don't have many votes, but SUV drivers do. Consumers are already absorbing some lessons. Gas purchases fell below forecasts during the summer driving months, and recreational vehicle sales have fallen, too. Still, Taylor says, Americans need to realize that energy prices are no longer set by administrators but by deregulated commodity markets.
Some consumers already are prepared for that swing.
Oil is a finite natural resource that we're going to run out of at some point. And he wasn't even wearing bell-bottoms. World Report Inc. All rights reserved.