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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Moominoid who wrote (67317)8/12/2005 9:32:17 AM
From: Slagle  Read Replies (1) of 74559
 
Moominoid Re; "supply shocks" Simmonds says demand was a big factor too and I think he was right. You had world oil demand rise from 45 mbd in 1969 to 65 mbd in 1978. And something Simmonds never mentions but I remember like it was yesterday is the big effect of the 1970 EPA regulations. All of a sudden industry (and utilities) switched from coal to oil and NG to keep from being fined and shut down by the EPA. This really ramped up demand and many similar efforts were going on overseas.

Also, the early 1970's was a strong economy with the newly finished interstates everywhere. The worst traffic jams I have ever seen in my life was on I-75 north of Atlanta at Christmas 1972 and 1973; Florida bound traffic literally backed up all the way to Chattanooga.
Slagle
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