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In contrast to how it fared in the difficult decade of the 1970s, the U.S. now stands as a winner in the energy game. Even a brief era of low-cost oil will give the country an opportunity to enhance American prosperity without fearing the old nemesis of inflation. Yet in enjoying this good-times atmosphere, the U.S. cannot afford to forget the tough lessons of the past. It should aim to preserve its oil independence so that the economy can keep cruising down the road instead of sputtering to the curb once again.
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