Critics skeptic of Bush oil plan
Electricity shortages in California have raised awareness of energy supply and conservation, and inflated gas prices are raising public concern over crude oil supplies. But some experts say that the real energy supply situation in America is hardly worthy of the title of an energy 'crisis', and that compared to the oil embargoes, supply cutoffs and long fuel lines of the '70s, this summer's perceived supply shortages are minor and short term. "(There is) no comparison between what happened in the '70s and what is going on today," said IU business professor Bruce Jaffee. "The concerns raised about energy are similar, but the policy and the causes are different. The '70s issue was perceived supply shortages. Price caps were implemented. Most importantly, there was an Arab oil embargo.Today there are no broad shortages. The Bush administration will not tolerate price controls or supply cutoffs from third parties. Most importantly, there is no embargo by a third party."

