Normally, I would err on the side of lesser regulation. However, in the case of energy in which the U.S., among other nations, has made very little progress in crafting a coherent and credible policy (both on the supply- and demand-sides), the sad thing is that redundancy may offer the best prospect that necessary adjustments take place.

I do not see a gas or broader energy tax (even if the proceeds were used to finance energy-releated R&D or reduce income tax rates/provide a tax rebate, etc.) as advocated by some economists, including Gary Becker, Martin Feldstein, and Joseph Stiglitz, and former Federal Reserve Chairmen Paul Volcker and Alan Greenspan, being politically feasible in the current environment. Hence, if gasoline prices fall markedly, there would be danger that efforts to increase economic efficiency with respect to fuel consumption might well slow.