Under the radar: Some trends are obvious enough and visible to all investors. Others are more subtle, but are just as potent, and these often slip "under the radar."

Case in point: the Obama administration's new, higher, fuel-efficiency requirement for vehicles. Basically, by 2016 it will cut auto emissions by one-third while increasing the average fuel economy requirement to 39 miles per gallon for cars and 30 miles per gallon for light trucks.

In light of oil's rise to triple-digit prices, the United States' inability to pass an energy policy aimed at increased efficiency, renewable energy, and energy independence, represents an opportunity squandered -- on two fronts: transportation and power generation.

True, oil has retreated from the $135 range to the $125-128 range, but the nation now faces record-high gasoline/diesel prices, along with high prices for heating oil, natural gas, and coal. As a result, the broad-based disposable income -- so essential for U.S. economic growth -- has been squeezed, with many economists now arguing adequate GDP growth is not possible, if energy prices remain at current levels.

At minimum, the U.S. faces a period of economic and social adjustment -- corporate, public, personal -- as it copes with the brave new world of $4 gasoline ... and that's if gasoline remains in the $4 per gallon range. A variety of scenarios could quickly send gasoline over $5 per gallon and higher in 2009.

With the U.S. Federal Appeals Court of San Francisco's ruling that threw out proposed fuel economy standards, look for a renewed effort by the current U.S. Congress to pass new, tougher standards, possibly by year's end, a source familiar with various lobbying groups told Bloggingstocks.

Based in Washington and familiar with Democratic Party and energy-issue constituencies, the source told Bloggingstocks that some legislation, albeit minor, was now likely.

"Don't expect miracles, but the public sentiment and Congressional support appears to be there for a modest increase in CAFE [Corporate Average Fuel Economy] standard," he said, speaking on condition that he not be identified by name. He added that to-date the Bush Administration has resisted raising the CAFE; if the administration does so again, it's unclear whether Congress would have the votes to override the veto.