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Politics : PRESIDENT GEORGE W. BUSH
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To: GROUND ZERO™ who wrote (441373)8/11/2003 6:00:09 PM
From: nolimitz  Read Replies (1) of 769670
 
Why were folks standing in gas lines in the mid 70"s then?
Kinda like the internet was around in '59. OK HOMER have another beer.
Talk about disinformation. When you are called on some thing you attack the person.
abcnews.go.com
"The world has indeed changed. Today’s oil and gasoline price shocks have little in common with the Arab oil embargo of 1973 and the price upheavals of the Carter years in the late 1970s and into 1981."

Crisis in the 1970s
Robert Ebel, an energy and national security expert at the Center for Strategic and International Studies, said even OPEC’s most militant factions today “understand they need us just as badly as we need them.”
“We give value to their oil,” said Ebel.
That’s what triggered the latest oil crisis: The price of oil in 1998 had plummeted dangerously low as producers, led by Saudi Arabia, boosted production in anticipation of growing demand from Asia just as the Asian economy took a dive. The resulting oil glut drove prices to less than $10 a barrel and prompted OPEC and other producers such as Mexico and Norway to cut production. Prices quickly tripled.
That contrasts sharply to the 1970s oil crisis, when the 1973 embargo was in Arab retaliation to U.S. support of Israel, and in 1979 when religious revolutionaries in Iran overthrew the shah, cut off its oil spigot and kept 52 Americans hostage for 444 days.
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