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Politics : PRESIDENT GEORGE W. BUSH
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To: Zoltan! who wrote (68879)11/10/2000 3:10:58 PM
From: amadeus  Read Replies (1) of 769667
 
perhaps you forgot. during the 80s, iran and iraq were at war and did not honor opec guidelines. the saudi's acted by flooding the world market with a huge oversupply and the price per barrel plummeted. bush petitioned reagan for price supports at the $12 level to protect domestic production. reagan said no. the oil industry in the US collapsed, and along with it Texas, Oklahoma, New Mexico, and Louisiana... this led to huge unemployment, real estate loan defaults, and ultimately a 500 billion dollar savings and loan collapse and bail out.
our domestic oil production has never fully recovered, and we are now much more dependent on foreign oil as a result.

perhaps not the energy crisis you referred to,
but call it whatever you like.

it was a disaster.
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