Quoted:
Quoted:
A funny thing about that fake "oil crisis."
View Quote
The 1973 Arab Oil Embargo was a 'fake oil crisis'?
Really? Who says so? The Democrat Underground website?
Eric The(Pshaw!)Hun[>]:)]
View Quote
I lived through it (not as a child, so I was aware of prices, etc.). The things I mention, especially the comment about availability when the price got up was contemporary with the time. It was part of an article in the "Wall Street Journal" at the time, so I'd suggest the analyst knew what he was saying.(different types of analyst back then) Further, oil is fungible. Much of the trading, even today, is done while the oil is in the tanker and underway, final destinations being determined when underway. Sure, there are limits, but on the trans-Atlantic routes, there's a lot of changing based on trades. Marc Rich made a lot of his money that way. He could keep manifests and routes in his head and juggle them.
The point is, there was enough oil on the world market, and the crisis was manipulated to gouge us. The legitimate, localized shortages were mostly caused by panic buying; we could dry up a local supply right now that way.