Is the American Dream About to Have A 'Crude' Awakening?

The era of the 'permanent oil shock' looms on the horizon as oil prices appear to be on a slow but steady ascent.

Published: 13-Jun-2005

the stuff of American romance: summer, a big car, a tankful of gas and the endless highway.

But that fabled love is now a troubled relationship.

We can still drive where we want, if the traffic isn't too bad. And we can still drive something nice, if our credit holds out. But Americans can no longer control the cost of the gasoline that enlivened the romance.

To be sure, America long ago lost its energy independence and has at times lost control of prices, as it did when OPEC flexed its muscle in the 1970s.

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