Americans are justifiably anxious about what the future holds when it comes to gasoline prices. But many motorists are beginning to appreciate that anger over pump prices will not relieve pain at the pump. Nor will political promises.
Oil markets have globalized to the point where prices are beyond our control. Given oil's dangerous monopoly power over our mobility, it's time to entirely reinvent our habits, innovate technologically, and adopt bold new policies aimed at reducing the use of oil and substituting instead of subsidizing and searching for oil. This is how America will ultimately survive $4 gasoline.