CBB9M
23 year Ranger veteran

Joined: Sun Oct 22nd, 2017
Posts: 371
Name: Bill ... Occupation: Interests:
Reputation Points: 371
|
Point was missed.......
Late 1973.......OPEC oil embargo against US. They got pissed at us for delivering weapons to Israel during their ramadan. IMO, OPEC never really knew just how much power they had over us with that oil. Prices at the pump soared.
Late 1978/early 1979, or thereabouts.....round two this time, slow the flow, let supply and demand set the new price at the pump, oh what a shock it was, $1 a gallon (do the math on that $1/gal back then and compare to when gas was over $4 a few years back, then zip it because financially, in terms of wages and buying power, it had about the same effect). There was no rationing, that happened last in WWII. In the beginning.....some places did have odd/even plate # days, some limited quantity of purchased, some closed at 6:00PM. As time progressed, and about like it was not too long ago, we drilled like there was no tomorrow. And eventually it collapsed, thanks in part to Reagan persuading the Saudis to sell for cheap + OPEC countries not honoring their quotas. This to take money away from the Ruskies (oil sales), put the heat on the country and ultimately.......the regime collapsed.
The big deal was, two episodes involving wild price fluctuations along with instability in gas availability drove people to smaller, more fuel stingy vehicles and unlike today, they didn't feel so bad about giving up ponies in exchange for spending less time and $ at the pump.Last edited on Wed May 2nd, 2018 11:29 pm by CBB9M
____________________ -Bill
04 Ranger FX4 Level II, several mods
|