BlindBoo
Diamond Member
- Sep 28, 2010
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I feel very old. I remember those events.The Oil Crisis in the 70's was the result of idiot CARTER believing or being paid to believe OPEC bullshit about OIL going extinct hun...............We had cheap gas when Trump was POTUS. Hell it was 1.50 or less. Now, under your boy Biden its 2.85 or higher. With his try at ending drilling for oil on Fed land and his wanting to end fracking he hasn't done America any favors.I believe the point was that it *could* result in contraction of the domestic production possibilities curve in the future for those commodities, which is true, however given that the market isn't as simple as some apparently believe it doesn't necessarily entail corresponding price increases, for example we import crude oil, refine it and then turn around and export the refined products, contraction of the domestic crude oil PPC might involve reducing such exports to meet domestic demand.The pause for review on new leases did not cause a drop in production on federal lands.
7% in 2020 (on a downward sloping trend line).Saudi Arabia accounts for less than 10 % of our petroleum imports.
BlindBoob want's to keep funding terrorist supporting and oppressive governments and not develop energy domestically. He's a dick that way.
But in his defense, BlindBoob realizes that terrorist supporting and oppressive government's aren't on the earth as we are and drilling oil there and shipping it across oceans doesn't affect our environment.
Arguing with leftists is always an experience in stupid
You want cheap gasoline at any price? Then nationalize the US oil industry. We have the highest lift costs in the world. Our domestic producers have to make a profit or go out of business.
Hell when I was a kid gas was 19 cents a gallon. The supposed oil shortage in the 70's ended that.
During the pandemic there was NO demand to oil.. so there was a glut of oil on the market and prices went down. $73 a barrel is a good price.. US domestic producers can survive on that.
The oil shortage in the 1970s was a result of the Yom Kippur war.
The first one was is 73 and had nothing to do with Carter. Think Israel.
Iran was one of our main suppliers in 78. The crisis had nothing to do with the theory of Peak Oil.
"The Iranian revolution sparked the world’s second oil shock in five years. Strikes began in Iran’s oil fields in the autumn 1978 and by January 1979, crude oil production declined by 4.8 million barrels per day, or about 7 percent of world production at the time."
Endless lines at gasoline stations are the overwhelming image in the minds of Americans who lived through the oil shocks. There was a genuine shortage of gasoline in the United States for a while, as refineries geared to run Iranian crude oil could not produce as much gasoline from other types. However, government policies that regulated the petroleum industry made the situation much worse.
Price controls on gasoline exacerbated shortages, by not allowing rising prices to curb demand. The controls allowed refiners to raise gasoline prices each month based on the previous month’s crude oil price.
What Iran’s 1979 revolution meant for US and global oil markets
The Iranian revolution and the oil price shocks that followed catalyzed a number of important changes in petroleum markets that remain in place today.www.brookings.edu
In the Weekend Interview in today’s Wall Street Journal (WSJ editor Rob Pollock interviews George Shultz), Shultz says the following:
There’s nothing incorrect about this statement. But it gives the reader the impression that Jimmy Carter was the president who introduced price controls. Shultz knows better. It was his boss, Richard Nixon, who introduced price controls on everything and kept them on gasoline. Shultz, as Secretary of the Treasury at the time, was intimately involved with the details. It’s true that Carter kept the controls and didn’t try to get rid of them until early 1980, when he made a compromise with Congress–giving them their “windfall profits tax” on oil, which was really a graduated excise tax on oil, in return for phasing out the controls. But Nixon is the one who imposed them. So there were “Richard Nixon’s gas lines” just as there were “Jimmy Carter’s gas lines.”And one thing you know from experience is when you control the price of something, you end up getting less of it. So if you control the price of health-care providers, you will have fewer of them and that’s gonna wind up as a crisis. The most vivid expression of that . . . was Jimmy Carter’s gas lines.
A Short History of Gasoline Price Controls - Econlib
In the Weekend Interview in today’s Wall Street Journal (WSJ editor Rob Pollock interviews George Shultz), Shultz says the following: And one thing you know from experience is when you control the price of something, you end up getting less of it. So if you control the price of health-care...www.econlib.org
Love you.. So happy you actually know the history.