In April 1977, as a young energy correspondent for The New York Times, I watched Jimmy Carter label the energy problem the “moral equivalent of war” and propose an ambitious plan to curb the use of expensive ($15 per barrel!) oil. Today, five presidents later, oil sits firmly above $100 per barrel, and America still lacks anything resembling a comprehensive energy strategy.

As a result, with petrol prices rising dangerously near all-time highs, energy has again become a national focus and a central issue in the 2012 presidential campaign. The political attacks of Republicans and Democrats are replete with ironies: Republicans charge President Barack Obama with failing to prevent the rise in oil prices. He responds, correctly, that short-term price movements reflect global forces and are not easily controlled.

But four years ago, when petrol prices reached a record $4.11 per gallon, he attacked Republicans for precisely the same failure and Republicans returned fire exactly as he is responding today.