Before the 19th-century salt was among the most valuable commodities in the world due to its monopoly as a food preservative. Inventions such as canning and refrigeration made salt to lose its status. With a simple bill that requires no subsidies, costly tax breaks or government giveaways, President Donald Trump can bring a similar fate to oil. This would allow the citizens to choose what they want to put in their vehicle tanks for the first time in many years.

Millions of cars are sold in the United States annually, and most of them are allowed on their warranties to run on nothing else but oil. Given this virtual monopoly, oil has gained a strategic importance, and therefore, oil prices have a significant impact on the economy. The spike in prices has the power to trigger recessions, reduce consumer confidence and inflate the country’s trade deficit.

If motor vehicle owners had the ability to respond to high oil prices by switching to other less costly fuels, the importance of oil would be greatly diminished. The US’ natural gas provides a favorable alternative given that it is cheaper than oil. The problem now is that most vehicles are not equipped to operate on natural gas. When automobiles were first developed, there was the use of a variety of fuels such as steam, electricity, and alcohols. This competition was killed by low oil prices in the 20th century since automakers had to develop cars that ran on gasoline.

The president can send a bill to Congress that will ensure vehicles sold in the country are open to some type of fuel competition. This would go a long way in reducing the dependence levels on oil.

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