Cheap Gas Undermines Energy Policy

“The sharp drop in fuel prices is undermining government policies that bet expensive gasoline would prod Americans to find alternatives to gas-guzzling automobiles,” the Wall Street Journal reports.

“In recent years, the federal government required passenger cars and trucks to become much more fuel-efficient, with a goal to more than double average miles per gallon by 2025. More than a dozen states ordered auto makers to boost sales of electric vehicles, helped by billions of dollars in federal spending. And President Barack Obama ’s administration increased spending on intercity passenger rail, joining states like California in planning for Asian- and European-style bullet trains.”

“Those policies now face a changed landscape: a nearly 44% slide in oil prices since June that has sent the average price of gasoline to around $2.40 a gallon, according to the U.S. Energy Information Administration.”

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