While we are currently paying more at the pump than ever before, many of our readers likely remember that this is not the first time the country has faced a sudden increase in gas prices and the desire for higher fuel economy. In the early seventies, both new emissions regulations and a shortage of gasoline in the U.S. turned the auto industry upside-down in just a few years. In fact, the first horsepower wars reached an apogee in 1970, with cars like the original Hemi Mopars, Chevrolet Chevelle LS6, and the GTO Judge reaching ever-higher into the horsepower stratosphere just to be knocked down a notch in '71 and again in '72. The muscle car days were officially on hiatus, and fuel economy was the new measuring stick.

Sound familiar? While cars today are producing more power than ever, fuel economy now seems to be just as important, if not even more so, than the horsepower figure. With that in mind, lets take a trip down memory lane (via the gallery below) at the advertisements immediately following the first gas crunch to see what may be in store for us in the coming years. If you have a favorite, click here to visit Oobject and vote.


[Source: Oobject]

Two weeks ago, President Bush and Transportation Secretary Norman Mineta asked Congress to give the President and the Department of Transportation more legal authority to raise the Corporate Average Fuel Economy (CAFE) mileage standards on passenger vehicles. One the one hand, this seems like a good idea: higher standards mean more miles per gallon, which means less gas is used which turns out to be good for just about everyone, as well as better for the environment. Of course, anything that involves politicians, automobile manufacturers and the environment is not going to be simple. Today, AutoblogGreen presents a little primer on the ongoing political battle over CAFE standards.

Read the full story after the jump