smkettner wrote:Come on you guys the oil embargo was not about OPEC refusing to sell oil to the US. It was just about the money. Nixon took the dollar off the gold standard and the dollar fell so OPEC just wanted a higher price. But Nixon wanted to control inflation by having price controls on oil. There was never a shortage. The mandated pump price just would not support the price OPEC demanded. Eventually the price controls were lifted and the oil flowed freely. And inflation roared away peaking around 1979/1980.
But yes I really prefer to use domestic energy.
"There was never a shortage" is poppy cock. The departure of Western nations from the gold standard in 1971 placed pressure on the revenue that oil brought in to Arab nations but the shortage trigger was an active decision by OAPEC in October 1973 to drop oil production by 5% followed by another 5% next period and so on as a direct result of US rearming Israel after the Yom Kipper War. When the US further increased aid to Israel, several Arab nations responded with an oil embargo
with the US as the primary target.
The notion of one man's political actions as the simple reason and ensuing vilification continues to show how our politics has continued to descend into a stagnant polarization in the last 40 years. I am skeptical that humans by their need for leaders and heroes and their blind acceptance of fear are simply too lazy to reason and weigh risks to make decisions. The latest evidence of this ineptitude is the rejection of electric cars because their limited range.