Not Logged In Log In   Sign Up   Points Leaders
Follow Us    1:31 PM

Message Forum - Read Message

Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Forty Years After OPEC Embargo, U.S. Is Energy Giant Back to Topics
DoctorV

Champion Author
Detroit

Posts:4,433
Points:699,415
Joined:Aug 2008
Message Posted: Oct 12, 2013 7:03:38 PM

Forty years ago this month, OPEC proclaimed an embargo on oil exports to the U.S. as retaliation for its support of Israel in the Yom Kippur War. It would last only five months, but it haunts U.S. energy policy to this day.

The modern global energy market bears scant resemblance to what existed 40 years ago. Today’s market is far more diversified and resilient. Thanks to the shale gas revolution and soaring domestic oil and gas production, the U.S. has reduced the cost of its energy and become a major exporter of refined products. Add in the political and economic tumult within many OPEC member countries, and it’s clear that, by almost any measure, OPEC is far weaker and the U.S. is far stronger than in 1973.

Looking back, it’s obvious that the OPEC embargo itself was largely a symbolic
Visit Bloomberg for full article
REPLIES (newest first) Post a Reply
Profile Pic
bwatchingu
Champion Author Arkansas

Posts:4,036
Points:1,110,725
Joined:Jan 2009
Message Posted: Oct 13, 2013 11:36:07 AM

Entergy giant with giant pricing on everything.
Profile Pic
pt1KY
Champion Author Lexington

Posts:1,926
Points:447,815
Joined:Jun 2013
Message Posted: Oct 13, 2013 11:24:35 AM

That may be but where is the cheaper gas at we were promised.
Profile Pic
orphancarguyPE
Champion Author PEI

Posts:5,960
Points:1,217,415
Joined:Jan 2011
Message Posted: Oct 13, 2013 9:26:53 AM

....an 'energy giant' that STILL imports 36% of all the oil it uses daily. Energy independence--HA! That dependence isn't going to be resolved any decade soon.
Profile Pic
EnviroChemist
Champion Author Oklahoma

Posts:3,224
Points:712,205
Joined:Oct 2011
Message Posted: Oct 13, 2013 9:09:40 AM

It’s great as we move to energy independence, and hopefully lower prices at the pump.
Profile Pic
VMIJim
Champion Author Alabama

Posts:2,728
Points:613,300
Joined:Jan 2013
Message Posted: Oct 13, 2013 8:55:57 AM

I guess this should be encouraging but, with Oblamer playing Chicken Little with the govt shutdown, debt ceiling, & economy, I am not very optimistic. When is this madness going to end as we sink deeper in debt?
Profile Pic
grandmacbc
Champion Author Buffalo

Posts:8,803
Points:1,909,565
Joined:Oct 2008
Message Posted: Oct 13, 2013 8:38:41 AM

remember what goes up eventually comes down
Profile Pic
txequitygas
Champion Author Houston

Posts:3,134
Points:663,955
Joined:Dec 2012
Message Posted: Oct 13, 2013 8:01:22 AM

Thanks to fracking..
Profile Pic
danny999
Champion Author Florida

Posts:11,072
Points:2,150,285
Joined:Oct 2008
Message Posted: Oct 13, 2013 7:26:35 AM

Sure didn't have anything to do with OBUMMA.He wouldn't let oil companies drill.It took private land to make us energy sufficient.
Profile Pic
pricewar
Champion Author Ogden

Posts:4,327
Points:786,380
Joined:Jul 2012
Message Posted: Oct 13, 2013 3:59:23 AM

Time to say good bye OPEC.
Profile Pic
gbs1
Champion Author Minnesota

Posts:4,341
Points:1,254,850
Joined:Mar 2011
Message Posted: Oct 13, 2013 2:44:05 AM

Interesting
Profile Pic
2b0b
Champion Author Tulsa

Posts:2,183
Points:665,150
Joined:Sep 2012
Message Posted: Oct 13, 2013 2:36:01 AM

A really good article comparing then and now.

I wish they had said a little more about US government regulation in 1973 when the Feds set prices for oil and gas to keep the prices low (and discourage domestic production).
There was also the Natural Gas Policy Act of 1978 which banned the use of gas for power generation and also set prices.
Profile Pic
OHMS
Champion Author Orange County

Posts:16,220
Points:2,195,540
Joined:May 2005
Message Posted: Oct 13, 2013 2:19:42 AM

could be much better for all
Profile Pic
comprof
Champion Author Houston

Posts:9,380
Points:1,864,575
Joined:Jul 2009
Message Posted: Oct 13, 2013 1:47:25 AM

No thanks to this POTUS.
Profile Pic
silverfoxv65
Champion Author Michigan

Posts:6,851
Points:1,739,155
Joined:Sep 2009
Message Posted: Oct 13, 2013 1:13:11 AM

I still want to see higher MPG cars comming out, the higher the better and that will help drive the cost down!
Profile Pic
MaxWebster
Champion Author Toronto

Posts:1,931
Points:518,910
Joined:Apr 2011
Message Posted: Oct 13, 2013 1:10:20 AM

You guys showed them
Profile Pic
KAR120CSII
Champion Author Oregon

Posts:5,200
Points:1,022,675
Joined:Apr 2010
Message Posted: Oct 13, 2013 1:06:22 AM

Say it ain't so --
Profile Pic
doeslayersr
Champion Author Illinois

Posts:11,974
Points:1,383,205
Joined:Dec 2010
Message Posted: Oct 13, 2013 1:05:42 AM

The USA has always been the energy giant... since before WW I.
Profile Pic
LostInNY
Champion Author New York

Posts:4,013
Points:1,155,600
Joined:Apr 2011
Message Posted: Oct 13, 2013 1:05:29 AM

Ask drivers in the OPEC countries how much they pay for gas, and then wonder why we still pay so much!!!
Profile Pic
USMCturtlehead
Champion Author Lexington

Posts:627,800
Points:615,225
Joined:Feb 2013
Message Posted: Oct 13, 2013 12:44:41 AM

That's great.
Profile Pic
el_fr
Champion Author Massachusetts

Posts:5,681
Points:1,258,005
Joined:Apr 2011
Message Posted: Oct 13, 2013 12:28:32 AM

Way cool
Profile Pic
1momsunshine
Champion Author Ottawa

Posts:7,694
Points:1,479,420
Joined:Mar 2010
Message Posted: Oct 13, 2013 12:19:33 AM

Thank you
Profile Pic
Tekkersmom57
Champion Author Syracuse

Posts:4,188
Points:1,204,530
Joined:May 2010
Message Posted: Oct 12, 2013 11:39:47 PM

I'm loving how we are becoming less and less dependent on OPEC!
Profile Pic
Snowball2013
Champion Author Yakima

Posts:1,638
Points:343,840
Joined:Jan 2013
Message Posted: Oct 12, 2013 11:26:49 PM

Thank you
Profile Pic
cheapchickKY
Champion Author Lexington

Posts:6,610
Points:1,307,370
Joined:Jan 2011
Message Posted: Oct 12, 2013 11:09:02 PM

Look at the prices...
Profile Pic
ScottTee
Champion Author Detroit

Posts:6,696
Points:1,566,100
Joined:Mar 2010
Message Posted: Oct 12, 2013 10:49:30 PM

Hooray!
Profile Pic
davenles
Champion Author Texas

Posts:5,508
Points:1,227,560
Joined:May 2011
Message Posted: Oct 12, 2013 10:36:46 PM

That'll teach them.
Profile Pic
roadrunnin
Champion Author Richmond

Posts:2,138
Points:800,280
Joined:May 2008
Message Posted: Oct 12, 2013 9:55:40 PM

how times change
Profile Pic
montpelier28
Champion Author Vermont

Posts:2,875
Points:1,280,555
Joined:Apr 2010
Message Posted: Oct 12, 2013 9:19:40 PM

40 years, how time flies.
Profile Pic
mastermariner
Champion Author Texas

Posts:12,478
Points:985,585
Joined:Jun 2011
Message Posted: Oct 12, 2013 9:14:18 PM

Interesting article
Profile Pic
Grizdad
Champion Author Montana

Posts:7,886
Points:1,141,225
Joined:Oct 2010
Message Posted: Oct 12, 2013 9:12:30 PM

OPEC=Economic Terrorists.
Profile Pic
agrico
Champion Author New Orleans

Posts:1,567
Points:950,405
Joined:Dec 2008
Message Posted: Oct 12, 2013 9:02:46 PM

Sure looking forward to being energy independent
Profile Pic
Pielededrac
Champion Author Florida

Posts:2,001
Points:591,795
Joined:Nov 2012
Message Posted: Oct 12, 2013 8:36:51 PM

It is time WE embargo the OPEC.
Profile Pic
Rayfuel
All-Star Author Houston

Posts:870
Points:195,975
Joined:Apr 2013
Message Posted: Oct 12, 2013 8:36:19 PM

Despite government incompetence!
Profile Pic
BIGOILEATURCRUD
Champion Author North Carolina

Posts:9,310
Points:1,890,610
Joined:Nov 2008
Message Posted: Oct 12, 2013 8:07:24 PM


Right
Profile Pic
Patriots9
All-Star Author Naples

Posts:699
Points:340,460
Joined:Sep 2013
Message Posted: Oct 12, 2013 7:37:09 PM

Ok
Profile Pic
Vetteblu
Champion Author Denver

Posts:4,731
Points:1,251,750
Joined:Oct 2010
Message Posted: Oct 12, 2013 7:34:07 PM

And we still get screwed more & more.
Profile Pic
Flashcube
All-Star Author Nashville

Posts:705
Points:484,630
Joined:Jan 2013
Message Posted: Oct 12, 2013 7:33:44 PM

Never would have guessed this turnaround! Great news.
Profile Pic
Vetteblu
Champion Author Denver

Posts:4,731
Points:1,251,750
Joined:Oct 2010
Message Posted: Oct 12, 2013 7:33:13 PM

& we still get screwed more & more.
Profile Pic
DoctorV
Champion Author Detroit

Posts:4,433
Points:699,415
Joined:Aug 2008
Message Posted: Oct 12, 2013 7:28:40 PM

Coal is to be exported.
Profile Pic
bojiway1
Champion Author Minnesota

Posts:4,302
Points:976,475
Joined:Dec 2011
Message Posted: Oct 12, 2013 7:15:56 PM

Where is the coal in the US plan
Profile Pic
humblepie
Champion Author Toledo

Posts:54,961
Points:2,884,140
Joined:Mar 2006
Message Posted: Oct 12, 2013 7:09:24 PM

it seems the whole world is awash in oil now
Post a reply Back to Topics