More proof MSM is Conservative

[sealybobo]

Yes, my former country of origin was the Commonwealth of Pennsylvania.

frazzledgear reminds us:



Happened under NIXXON, too.

Am I the only person alive who remembers this?

We had a gas crises in 1973, folks, gas line, limits on purchases, and so forth. Seriously if anyone else remembers this event, please chime in so I can be certain I haven't lost my mind. that happened because OPEC was pissed at us, for development in Israel, as I recall it.

Some things, frazzledgear, are simply beyond the powers of the POTUS to cope with immediately, regardless of his party affiliation or philosophy.

Is Bush completely responsible for what's going on now?

Hell, I'm still trying to figure out how the mere mechanics of this spike are happening, and it seems to me, so too are our the world's economists.

I think it premature to pin the whole blame on Junior until our economists can at least agree why it's happening at all.

The 1973 oil crisis began 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).

 

[sealybobo]

OMG! You are right. It did happen under Nixon, I just read about it on Wikipedia. And it was then that the US law was which day you could purchase gas. During the crisis under Carter, only a few states had such a law.

I love revisionist history!!!

More interesting was this little blurb:
I don't actually know much about it, but doesn't this pretty much put the end to the notion that drilling in the US will make gas cheaper? We don't set the price controls on imported oil, do we?

No, so maybe we should buy our own gas?

Also,

The 1979 (or second) oil crisis in the United States occurred in the wake of the Iranian Revolution. Amid massive protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing Ayatollah Khomeini to gain control. The protests shattered the Iranian oil sector. While the new regime resumed oil exports, it was inconsistent and at a lower volume, forcing prices to go up. Saudi Arabia and other OPEC nations, under the presidency of Dr. Mana Alotaiba increased production to offset the decline, and the overall loss in production was about 4 percent. [2] However, a widespread panic resulted, driving the price far higher than would be expected under normal circumstances.

In 1980, following the Iraqi invasion of Iran, oil production in Iran nearly stopped, and Iraq's oil production was severely cut as well.

 

[Ravi]

No, so maybe we should buy our own gas?

Also,

The 1979 (or second) oil crisis in the United States occurred in the wake of the Iranian Revolution. Amid massive protests, the Shah of Iran, Mohammad Reza Pahlavi, fled his country in early 1979, allowing Ayatollah Khomeini to gain control. The protests shattered the Iranian oil sector. While the new regime resumed oil exports, it was inconsistent and at a lower volume, forcing prices to go up. Saudi Arabia and other OPEC nations, under the presidency of Dr. Mana Alotaiba increased production to offset the decline, and the overall loss in production was about 4 percent. [2] However, a widespread panic resulted, driving the price far higher than would be expected under normal circumstances.

In 1980, following the Iraqi invasion of Iran, oil production in Iran nearly stopped, and Iraq's oil production was severely cut as well.

We can't just buy our own gas. There isn't enough. We have no choice but to by oil on the world market.