World oil prices peaked in real terms in 1980 at about $90 per barrel. In 1977, U.S. imports were 6.6 million barrels per day. By 1985, imports had been cut in half to 3.2 million barrels. Why? Simple economics: Higher prices boosted domestic production and reduced consumption.
“Presidential Energy,” Ronald Bailey, The Wall Street Journal, February 2, 2006; Page A10