US benefiting from current energy situation
The US is significantly benefiting from the current energy situation. Oil imports are down to below 50%, the lowest in a decade. Oil production is up. Natural gas production is through the roof. Coal production is steady, with coal demand down and coal exports skyrocketing.
Cheap domestic natural gas benefits industrial energy consumers, giving the US a competitive advantage over the rest of the world. The US is by the worlds best refiner of oil, and refined oil products are now a significant US export. While exporting refined products doesn't help domestic consumers match, it creates jobs, particularly for that difficult to employ blue collar sector. Cheap domestic gas also means cheap electricity and heating, reliving much of the price pain of high gasoline prices.
Focusing exclusively on vehicle efficiency is a bit misleading. Overall US consumption of gasoline and diesel is down, and measured per capita, down by quite a bit. The US consumer is figuring out appropriate substitutions, whether it be via telecommuting, moving closer to work, buying a more efficent car, or using mass transit.
As to stagnate economic growth - in the US, 2011 Q4 saw economic growth well over the 3%.
Sure - high oil (and natural gas) prices hurt Europe, and the Japanese are picking a particularly bad time to go all wobbly on nuclear. But the US is embracing fracking like there is no tommorrow. "Pro-Fracking" is perhaps the only policy position shared by Obama, Romney, Gingrich and Santorum, guarenteeing that the US will continue to be the world leader in fracking for many years to come. Thus, low natural gas prices, and low industrial and non-transportation energy prices should continue for years to come, helping fuel the US recovery.
