Loading ...They went off the gold standard, Dopey/Dollar dropped, Gasoline went .25 cents to $1.30, Oil $3/bbl to $42/bbl and the lying PTB blamed the Arabs and shortages. Suddenly Oil crashed back to $7. They were predicting consumption would out strip production, and it would be the end of the global economy. But later on after Oil crashed, they kept up energy saving to save the planet.
TPTB Media also didn’t mention higher oil reason, long term agreements with the Arabs was 1 oz Silver for $1/bbl of Oil, and 1 oz Gold for 15/bbls oil. Silver was .92 cents and Gold $35/oz. They dropped the dollar, causing those AU AG prices to soar, so it was only natural for the Arabs to want more money to cover higher silver and gold.
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Oil was both the lifeline of the economy and a vital resource for the country’s national defense. American oil had played a decisive role in the Allies’ World War II victory, and with the Cold War raging on, U.S. oil remained a top national security concern.
The news was also stunning because the public was generally not aware that the country imported any oil at all. The United States was still the greatest single producer of oil in the world, as it had been since 1901, when Spindletop, near Beaumont, Texas, became synonymous with a sometimes uncontrollable 150- foot- high gusher of black gold. But with the spread of cars, suburbs, and factories in post– World War II
front-page story “As Prices Soar, Doomsayers Provoke Debate on Oil’s Future,” quoting the founder of the Association for the Study of Peak oil as saying “Holy Mother! The good ol’ moment’s arrived!” Oddly, the article didn’t mention the alternative explanation for high prices,
published an article by two retired geologists called “The End of Cheap Oil,” which presented the idea that world oil production would soon peak while demand kept rising, creating economic shock waves and even ‘the end of civilization’ as one co-author said subsequently.
How an oil shortage in the 1970s shaped today’s economic policy