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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Lane3 who wrote (47693)	2/4/2008 8:56:52 PM
From: Cogito	Read Replies (2) \| Respond to of 541394

>>You don't recall the gasoline lines of the 70s? They weren't caused by a refusal to sell us oil.<< Lane - I know I'm way behind here, but as I'm catching up I thought I'd respond to this post, since nobody else did. The gas lines many of us remember from the early 70's were a direct result of the Arab Oil Embargo of 1973. See below. - Allen 1973 oil crisis From Wikipedia, the free encyclopedia The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations that had supported Israel in its conflict with Syria and Egypt (the United States, its allies in Western Europe, and Japan). About the same time, OPEC members agreed to use their leverage over the world price-setting mechanism for oil in order to raise world oil prices, after the failure of negotiations with the "Seven Sisters" earlier in the month. Because of the dependence of the industrialized world on crude oil and the predominant role of OPEC as a global supplier, these price increases were dramatically inflationary to the economies of the targeted countries, while at the same time suppressive of economic activity. The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. en.wikipedia.org