Here we go again!

Gasoline prices continue to rise under the maneuvering of oil producers, refiners, and speculators.

Sound familiar? Flash back to 2008 and recall the painful prices at the pump — fueled by the same greed that forced the longer gestating and much broader economic collapse. President Bush and Congress ignored the economically debilitating price rises in petroleum, allowing the oil oligopoly to reap more than $40 billion in windfall profits. Sure, there were expressions of outrage and the obligatory political grandstanding, but no substantive actions occurred.

President Obama and the new Congress must act promptly to address the current trends in petroleum production and pricing. OPEC has reduced production just in time for summer to give the impression of shortages. Refiners are doing similarly. By waiting a few weeks, they can sell the same amount of gasoline at higher prices and boost profits. And let's not forget the wheeler-dealers on Wall Street who speculate in oil, causing the cost of a barrel to spiral upwards.

Meanwhile, the cost of much of what we eat, drink, wear, and do will steadily rise with oil — undermining the economic recovery.

Though the federal government is eager to regulate financial institutions and specific industrial sectors, it appears indifferent toward Big Oil. That must change. Any real economic strategy for the nation must include restraints on the oil industry, curbs on oil speculation and forceful dealings with foreign producers — at least until the economy improves. With oil prices in check, the U.S. economy will rebound faster and help reinvigorate the world's economy.

However, there are negative consequences associated with low oil prices. For the past three decades, the U.S. dragged its feet in developing energy alternatives to fossil fuels because of cheap oil. With relatively cheap oil today, the transition to alternative energy will remain economically unattractive, weakening our efforts to contend with global warming and keeping us dependent on foreign oil producers much longer.

Cheap oil also fostered wasteful practices. For example, fuel-inefficient SUVs and macho trucks became status symbols for Americans, egged on by manipulative advertising and easy financing. Persistently cheap oil also blinded U.S. automakers into marketing larger vehicles with overall poorer fuel efficiency than much of the foreign competition — an obvious failure to heed lessons from the 1970s oil embargo. The fallout of these strategic shortcomings was the early demise of GM and Chrysler, who could not survive consumers' fresh memories of $4-per-gallon gasoline and the dismal economy. Consumers not only bought fewer cars, but also shunned fuel-inefficient American models.

Cheap oil won't last. As the world's economy revives under a controlled approach to oil production and pricing, real increases in the global demand for oil will naturally force prices higher — without industry and financial sector manipulation. Rising oil prices will make it challenging to sustain the economic recovery but will incentivize climate-friendly policies and projects. The situation demands thoughtful orchestration.

One thing is for sure. Leaving our future in the hands of Big Oil and Wall Street would be disastrous. The federal government must regulate the oil industry and develop a plan that supports the economic recovery and progressively weans the nation off fossil fuels.

Under the push and pull of oil price changes, the economy may take a few years to recover. For the same reason, significant changes to our fossil fuel economy will likely take the rest of the century. We'd better get started.

Frank Camelio, a retired Navy captain, served as commander, Pearl Harbor Naval Shipyard, from 2004 to 2007. He is the author of "One Last Hope: Strategies to Prevent Imminent National Decline and Create a Better Future." He wrote this commentary for The Advertiser.