The foreshadowed Market Failures of the mid 1970's gave way to Corporate Average Fuel Economy, regulation which would call for new standards in automobile fuel efficiency. The market failures hinged on a number of outside variables which could have had a drastic effect on domestic markets. Resource Scarcity drove the American public to call for a more efficient means of managing its resource use due to a) oil embargos on nondomestic products and b) skyhigh prices at the pump. Conservation of the world's non-renewable resources cams to th ....