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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Psycho-Social who wrote (51138)	4/15/2002 1:58:16 AM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 99280

<<. I don't recall if the Arab Oil Embargo started that early - I would agree that had a significant negative impact on the U.S.>> The OPEC oil embargo began following an OPEC meeting immediately following the Yom Kippur war. The date was 10/17/73, and the ministers agreed to cut production immediately and then by 5% per month until their objectives were met. I remember it like it was yesterday, crude futures approximately tripled within a month. If you don't see a cause and effect there, you're just not looking. (see "The Prize", by Daniel Yergin, pp 607-609 for details...an excellent read on history of petroleum exploration and production, BTW). As far as Dent's hypothesis goes, it's an utter and complete cop out to blame problems like inflation on demographics. That implies that it can't be controlled or at least well-managed by prudent monetary policy (which was most assuredly lacking in the 60's and 70's). Regards Patron