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Politics : Don't Blame Me, I Voted For Kerry -- Ignore unavailable to you. Want to Upgrade?

To: brushwud who wrote (31443)	6/18/2004 5:59:28 PM
From: Wayners	Respond to of 81568

Two oil shortages. 1973 was an embargo against the west. The Organization of Arab Petroleum Exporting Countries announced that its member states would immediately cut oil production by 5 percent and continue to do so each and every month until Israel withdrew from the West Bank, Gaza, and Jerusalem. Days later, Saudi Arabia and Kuwait announced even more dramatic production cuts, and most Petroleum Exporting members likewise declared that they would stop selling oil to the United States until America abandoned support for the state of Israel. The second in 1979 and I remember this well. It took 2 hours to put gas in the car. Then they went to an odd even license plate system and you could only buy on your day. Then they put up red and green flags at stations to ID which stations even had gas available. We got a nice recession from it too and incredible inflation from the really really high cost of energy. Stagflation really. We got a recession and stop market implosion in 1974 from the first crisis. We're lucky OPEC stopped this nonsense. They stopped it because their economies suffered greatly as well. There is an optimal gas priced to max profits. There is also an optimal amount of taxing to optimize revenue. 100% dont' produce 100% revenue. It produces zero revenue because everybody stops working. Soviet Union tried this. The only way they got people to work for NOTHING was to send people to the Gulag concentration camps.