Leon Mill spray-paints a sign outside his Phillips 66 station in Perkasie, Pa., in 1973 to let his customers know he's out of gas. An oil crisis was the culprit, squeezing U.S. businesses and consumers who were forced to line up for hours at gas stations. AP
Irina Slav, OilPrice.com: Is Today’s Energy Shortage Worse Than The 1970s Oil Crisis?
* When Middle Eastern oil producers declared an oil embargo on exports to the U.S. in 1973, oil prices soared and the U.S. experienced significant fuel shortages.
* Today’s energy crisis, which includes not only oil but also natural gas and coal, could be even worse than the infamous oil crisis of the 1970s.
* The current energy crisis could soon be made worse as the EU moves to ban Russian coal and the U.S. struggles to meet its LNG commitments.
In 1973, after the Yom Kippur war between Israel and a coalition of Arab countries, Middle Eastern oil producers declared an embargo on oil exports to the United States as punishment for its support of Israel. What followed was an energy crisis of epic proportions.
According to Daniel Yergin, the current energy crisis could be worse. In the 1970s oil crisis, the price of oil soared fourfold over three months following the embargo. At the time, the United States had thought that the lost market share would hurt the producer states financially. But instead, those producers made up for that market share loss with considerably higher prices.
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WNU Editor: The price of oil soared fourfold over three months in the 1970s .... so we are not there yet. But the price of energy is soaring,
3 comments:
A big difference is that a helluva lot of white collar can work from home and workplaces have the experience due to the ill advised, power grabbing COVID Lockdowns imposed. that should decrease demand by 10% or more right there.
no
then: no gas
now: gas but expensive
^^^^^ Idiot who was given a PhD. He is a good shill and always knows the proper line to parrot.
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