Actually, I did live through the oil shocks of 1974 and 1979. Gas lines, people having to put locks on their gas caps so people wouldn't siphon it out... shit like that.
And do you know when the Gas companies started cleaning up their act? When we started talking about alternative energy, nationalizing the oil companies and imposing windfall taxes.
No that wasn't the cause of gas prices lowering!
Geez...Where is your proof because here is MINE!
The gas crisis of the 1970s was prompted by two events, a war between Israel and surrounding Arab countries and the Iranian Revolution, both of which resulted in serious cuts in the supplies of oil from the Middle East. During the Arab-Israeli War, the Saudis tightened the oil spigot to particularly protest the United States’ supply of military equipment to Israel. Likewise, American support for the overthrown Shah of Iran led to retaliation by the new Iranian government in the form of reduced oil sales.
The 1970s was also a time when
U.S. oil production was declining.
So the combination of reduced oil imports from the Middle East and lower domestic oil production meant the available supplies of gasoline – which, of course, is derived from oil – fell substantially in the country. In short, there just wasn’t gasoline to fuel the amount of driving people wanted to do.
NOW guess what the solution was???
Less rules and regulations!!!
Ultimately the second policy response won out.
Price controls on oil and other energy sources were lifted and the regional allocations dismantled.
Fortunately this policy shift corresponded to the end of the oil embargoes from the Middle East, so supplies of oil also increased. Gas prices at the pump – adjusted for inflation – fell by 60 percent from 1980 to 2000.
Now for you economically ignorant people.... SUPPLY is created by DEMAND!!!
U.S. drillers knew they could make good profits
if they could only find more oil.
(Just a side notes: Here is Biden's response to finding more oil:
Hmmm... let's see... if I were an oil company worker and I heard/seen this:
“
we should put them in jail” when talking about fossil fuel executives.
Joe Biden said Sunday that fossil fuel executives should be jailed - but failed to mention that his son was on the board of a Ukrainian natural gas firm.
www.dailymail.co.uk
And then he tells them
I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”
And then Biden raises the prices of exploring for oil on Federal lands by 50% something that was done in 1920s.
The royalty rate for new leases will increase to 18.75% from 12.5%.
That's a 50% jump and marks the first increase to royalties for the federal government since they were imposed in the 1920s.
The U.S. government will sharply boost royalty rates for companies as federal officials weigh efforts to fight climate change against pressure to bring down high gasoline prices.
www.npr.org
Please explain how someone who is "OBSESSED" with lowering gas prices...
RAISES prices on royalty rates on federal lands,
threatens oil workers with jail and
guarantees to put them out of work?
These are the FACTS not guesses.
------------------------------------------
They hit the jackpot when new access techniques, like horizontal drilling and hydraulic fracturing, allowed them to reach new pools of oil.
In 2015, U.S. oil production was just a few barrels short of establishing an all-time new output record. The increased supply caused gas prices to tumble to – at their low – under $2 a gallon.
Two important events happened in NC State economist Mike Walden's life 40 years ago. He met his future wife, and he was an an unwilling participant of the decade’s gas crisis. While the gas crisis wasn’t fun at the time, he writes, it has provided some lessons for how public policy makers...
cals.ncsu.edu
www.huffpost.com
