This improvement in energy efficiency is one of the reasons why a given increase in crude oil prices does less damage to the U.S. economy today than it did in the 1970s. Another reason is the performance of monetary policy. The Federal Reserve and other central banks have learned the lessons of the 1970s.
In the first phase, topics were covered that the market was looking for guidance on sooner rather than later and that were potentially having an adverse effect on market functioning. One example of this is around information sharing, where many market participants have highlighted that they are unsure what information can be conveyed to counterparties and other market participants.