Recalling the Oil Shock of 40 Years Ago
DownloadKey findings
- "Commemorative" coverage of the 1970s oil crisis has tended— inaccurately—to conflate the embargo with the dramatic price increase. The two elements differed markedly in substance and effect.
- Underlying conditions of demand and supply were primary drivers in unfolding developments. Evidence of supplier-engineered production cuts is tenuous.
- Benefits in moving from acute oil import dependence (then) to prospective energy independence (now)should not be overdrawn. There are limits to America's ability to shield itself from global energy turmoil.
Authors
Joel Darmstadter
