Let the Free Market reign. It's the only thing that works. The Chinese subsidize their gas prices and they have three hour lines at the gas pump. Would you guys prefer that?
I wasn't around during the gas crunch of the early '70s, but I'm sure some posters here were. From what I've read, it was ridiculous; alternate days for the gas stations opening, license plate numbers ending in even numbers could get gas on one given day, odd numbers the next day. Some stations would shut down even when they had plenty of gas in order to save it for themselves and their buddies. Station owners charged pretty much whatever they wanted. All the independents were being run out of business because the big boys like Standard Oil could (and would) sell gasoline to whoever the hell they wanted (which did not include independents).
So, guys...you really want to ease the crisis in energy? Then start building Nuke power plants. We, the USA, are the most backward country in the civilized world when it comes to nuclear power...and we freaking invented it.
You know why we're not in the nuke zone? I'll clue you in...because environmentalist psychos on the left have shut the industry down. Environmentalist, Leftist wackos have also stopped us from drilling in the Gulf of Mexico, and prevented us from drilling in ANWR....somehow managing to convince the gullible American people that it's the right thing to do.
Despite all this, the free market will eventually correct itself...and the less government intervention during the process, the better.