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Old 02-03-2019, 03:02 AM
 
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Quote:
Originally Posted by Blackandgold51 View Post
Also can America drill their own oil to be less dependant on oil in the middle East?
fracking has allowed us to be a lot less dependent on the Arabs for petroleum.
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Old 02-08-2019, 10:32 AM
 
Location: Central Washington
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Quote:
Originally Posted by Blackandgold51 View Post
Also can America drill their own oil to be less dependant on oil in the middle East?
When Egypt and Syria attacked Israel in October 1973, the Israelis suffered heavy losses and requested aid, so Richard Nixon authorized Operation Nickel Grass, a large airlift of weapons and supplies to Israel. The oil embargo was announced a few days later.

The United States doesn't get much oil from the middle east, with Saudi Arabia only providing 9% of imported oil in 2017, while Canada provided 40%. We are getting close to being a net oil exporter, so far this year we have been importing about two million barrels a day, compared to a high of over 13.5 million barrels in 2005. American oil production has gone from five million barrels a day in 2008, to 11.9 million barrels last November, setting a new record high.
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Old Yesterday, 11:59 AM
 
Location: Tijuana Exurbs
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Also factor in the imposition of Price Controls by Nixon in 1971 in a wrong-headed attempt to combat inflation (of only 5%!). Price controls mistake the effect (rising prices) for the cause which is overproduction of fiat money.

The price controls were also accompanied by a policy of allocation which often suppressed supplies where demand was growing like in fast growing California cities such as Los Angeles (with a strong media presence). Lines of cars waiting for gasoline showing up on network TV broadcasts prompted panic buying throughout the country driving the crisis atmosphere. This was even before the October 73 Oil Embargo.

When the price controls were lifted, they were lifted on just about everything except oil and natural gas. This suppressed domestic production until 1981 when price controls were completely removed. In the 1970s there were real supply constraints within the US, but domestic policy seemed specifically designed to make the situation more painful.
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Old Today, 11:30 AM
 
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The Federal Reserve had been monetizing the debt from 1964 to 1970 to finance the Vietnam War. As part of the policy, Johnson enacted a temporary 10 percent income tax surcharge on top earners.

Domestic oil production peaked in 1970 as predicted by Hibbert and fell sharply.

During the oil crisis, several major discoveries were made in Alaska's North Slope, the Gulf of Mexico, and the North Sea which started to ramp up crude oil production by the late 70's and early 80's. Those weren't enough to offset the fall in conventional oil.
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