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Sorry No Gas: Photos from Documerica, 1972 – 1975
- gwbas1c 9y agoThe prototype electric car is a far cry from my Leaf!
- rconti 9y agoMeanwhile, in Oregon, it seems like the speed limit is still 50 everywhere.
- orionblastar 9y agoI was a child when this happened, I remember long lines and gas stations closing down because they ran out of gas. People blamed all kinds of things.
- tropo 9y agoI don't remember, but "they ran out of gas" tells me everything I need to know. Sure enough, go here... https://en.wikipedia.org/wiki/1973_oil_crisis https://en.wikipedia.org/wiki/1973_oil_crisis ...and search the page for "Price controls". Yep. The result is so predictable that somebody with power must have desired the shortages. This was no accident. It was entirely self-inflicted.
- slededit 9y agoIf you think the energy crises was about price controls you took away very little from the history. Oil exports were dropped dramatically as part of an "economic weapon" to pressure the United States into abondoning Israel. This is not a story of a happy free market rudely interrupted by price controls.
- burfog 9y agoIt is about price controls. In the absence of price controls, the price would go up dramatically. This would influence both buyers and sellers. Buyers would buy less. This prevents fuel from becoming unavailable. As the available fuel declines, the price rises, the purchases are reduced, and thus we don't run out. Sellers would put more effort into finding alternate supplies. Sellers would be willing to spend the money required to extract oil from difficult locations. Indeed, in the energy crisis the suppliers were doing just the opposite because their prices were artificially limited. The sellers were shutting down production of older wells that were still able to produce oil. You could call this a story of an unhappy free market rudely interrupted by price controls. The economic warfare was reason to be unhappy, but actually running out of fuel was our own doing.
- slededit 9y ago> Sellers would be willing to spend the money required to extract oil from difficult locations. This is in fact what happened. The American companies began focusing on deep sea drilling.