DaveinOlyWA
Well-known member
the oil embargo of the 70's was a bit of an over reaction because OPEC cut its production which to the US amounted to something like a 5-7% decline in imports. this caused our reserves to go from something like 100+ days to under 50.
that is where the panic started. at the time, US production was being curtailed because OPEC oil was much cheaper. OPEC did this only to test our willingness to pay higher prices. we wussed out, OPEC saw what it needed to see and the rest is history
that is where the panic started. at the time, US production was being curtailed because OPEC oil was much cheaper. OPEC did this only to test our willingness to pay higher prices. we wussed out, OPEC saw what it needed to see and the rest is history