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To: GST who wrote (132871)	10/12/2001 3:27:50 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 164684

Oil hit $40 right at the top of the market in 1980. Iran-Iraq war started a few months earlier. Shipping from the Persian gulf was disrupted, not to mention production in those two countries. So far, we don't have those problems... Not that things can't change, especially if the Saudis' internal problems get nasty, but so far... PS: Oil was hardly our only problem in late 1980. Prime rate was 21%, corporate earnings were falling and we were in the process of dumping Jimmy Carter because the "misery index" was so high (that and the hostages he couldn't get back).