We will never be able to conserve our way into using less energy. We have a growing population that is growing more affluent each and every year. New electronics are invented all the time, all using electricity. The ONLY affects of stupid laws like this one are to infringe upon our liberties and create market distortions, forcing people to buy what they don’t really want.
We will be able to use less energy per person. You are wrong about not being able to conserve. I have won awards for conserving energy. I know that it can be done. The energy bill that comes due each month has been my proof.
Improvements in fuel economy will result in people driving more. Improvements in lighting efficiency will result in people using/wasting more light. In general, making something cheaper will cause people to use more. While improving energy efficiency may be good for other reasons, it will generally not be very good at reducing energy consumption.