And autos are not the only product that could be made more energy efficient if we just put in place sensible requirements. This is also true of many appliances and even of entire buildings. ↗
But our energy woes are in many ways the result of classic market failures that can only be addressed through collective action, and government is the vehicle for collective action in a democracy. ↗
I don't see a groundswell of people willing to raise gas taxes right now. That leaves fuel economy standards as the only effective tool we have as a nation to make a dent in our dangerous and ever growing consumption of oil. ↗
So the only way we're going to improve fuel economy or appliance efficiency swiftly and to the maximum extent practicable is if the government requires it. ↗
Our oil problems are only going to get worse. Our trade balance is only going to get worse. So we have to slow the growth of U.S. oil consumption, particularly imported oil consumption. ↗