Almost every aspect of the U.S. energy landscape is changing drastically -- except government policy. Consider: The global price of oil has soared to more than $100 today from $30 a barrel in 2004. As a result, the U.S.’s annual bill for oil imports has risen to $365 billion, even though domestic oil production has jumped in the past two years to 7.5 million barrels a day from 5.5 million barrels.
Meanwhile, the price of natural gas has plummeted. The tight shale gas boom in the U.S. has caused the domestic price of gas to drop to less than $4 per million British thermal units today from $10 in 2010. By replacing a diesel or gasoline engine with one that accommodates compressed gas, Americans can drive for the equivalent of 50 cents a gallon.