Word: embargoed
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Alas, the new economic Golden Age that seemed within reach in the Soaring Sixties failed to materialize. More than any other event, the Arab oil embargo and stunning price boosts of late 1973 signaled to the world that the long party was over. Those hammer blows did more than awaken the , West from its unconscious assumption that cheap energy and other natural resources would always be amply available; the price increases acted as a kind of gigantic consumer tax that gave a mighty push to the overlapping forces of inflation and unemployment that have plagued the industrial nations ever since...
...late 1973, when the five-month embargo began as a direct result of the October War, oil imports totaled 36% of U.S. consumption, or 6.2 million bbl. per day; last August, imports reached 35.7%, or 5.97 million bbl. How would the nation fare today if Arab leaders deliberately turned off the tap, or if the fields were damaged, or if some other unpredictable trauma occurred? Many experts share the view of Henry Schuler, who directs energy and security studies at Georgetown University. Says he: "I don't think we're better...
That may strike consumers as too gloomy a view, since the world is currently awash in a glut of oil that, according to some experts, may continue for a decade or more. The 1973 embargo and the 1979 supply interruption that followed the Iranian revolution helped spur reductions in demand and a spate of conservation measures. Despite a decade's growth in population, total domestic oil consumption today (15 million bbl. per day) is even lower than the level of 1973, an achievement not anticipated then. Autos made by the big three domestic manufacturers averaged roughly 12 m.p.g...
...their U.S. subsidiary, for example, declares profits of only $2.4 million, but the Government estimates its earnings were at least $50 million more. While sifting through hundreds of thousands of Rich's business records, federal agents also uncovered evidence to accuse Rich and Green of violating a presidential embargo by purchasing oil from the Khomeini regime during the 1980 hostage crisis...
Rich proved himself a prodigy at buying and selling grains and metals. One of his biggest market coups came during the Arab oil embargo of 1973-74, when he used his Middle Eastern contacts to circumvent the embargo and buy crude oil from Iran and Iraq. After purchasing the crude for roughly $12 per bbl. Rich doubled the price and sold it to supply-starved U.S. oil companies. Successes like that inflated Rich's already ample ego, and in 1974 he and Co-Worker Green set up their own company...