Word: oil
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...positions read like a rap sheet, chronicling the paper’s disapproval of Reagan’s supply-side economics and aggressive foreign policy. Meanwhile, the practice of Apartheid persisted in South Africa and spilled into Cambridge, raising questions of divestment and inciting a hunger strike. While the oil shortages of the 70s had faded away, some prescient observers realized that stability was a fleeting phenomenon. Less presciently, many thought that the days of Ted Kennedy’s prominence on the American political scene were over after his 1984 presidential bid went afoul. At the same time, death...
...seems so long ago. But if you think very hard, you might remember multi-hour gas lines, odd and even days, and perhaps a siphon burn or two. Those were just a few of the facts of life of the mid-1970s oil crust that gave a real fright to Americans, forcing them to insulate their homes, sell their Cadillacs, and pay attention to a faraway group of Arab nations...
...with the stabilization of oil prices and disarray of the Organization of Petroleum Exporting Countries (OPEC) came a return to complacency. Americans are in the process of forgetting all they learned about energy conservation. Yet convincing signs—including a recently released repot by the International Energy Agency (IEA) indicate that a new oil crisis may develop by the end of the decade that would “deal a devastating blow” to major industrialized countries...
According to the agency report, oil production in the United States, the North Sea, and the USSR will stagnate by the late 1980s and even OPEC output will drop due to “declining reserves in some countries and political decisions in others.” At the same time, the energy needs of Third World countries will increase dramatically thanks to economic development, increasing urbanization, and industrialization. So a large group will be fighting for a smaller...
...decade, worldwide demand for oil could top supply by as much as nine million barrels per day, the IEA report concludes. It is not difficult to imagine the resulting escalation of international tension as countries scramble to obtain their energy needs. Nor is it hard to foresee the internal chaos another oil shortage will wreak on an unprepared nation. Soon the energy scare of the ‘70s may seem a mild prologue to the real crisis...