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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (24688)6/24/1998 6:35:00 PM
From: Aggie  Read Replies (1) of 95453
 
marc, hello.

For what it's worth, when the '73 oil embargo was put into effect, the USA imported about 10% of the oil it consumed on a daily basis.

This number is now above 50%, and continues to grow. THis points up two interesting conclusions;

1. The oil embargo of '73 was largely a question of good press exposure, which made it a self-fulfilling prophecy, as Americans lined up at the pumps and oil executives lined up in Congress.

2. We are in some ways in a much more vulnerable position now if OPEC countries line up and decide to effect another embargo. One thing that argues against this being a real threat is that OPEC is no longer a dominating force they became in '73, and many others are around to sell us oil if need be.

Regards,

Aggie
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