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Author Topic: Forty Years After OPEC Embargo, U.S. Is Energy Giant Back to Topics
DoctorV

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Detroit

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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
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REPLIES (newest first) Post a Reply
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bwatchingu
Champion Author Arkansas

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Message Posted: Oct 13, 2013 11:36:07 AM

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

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Message Posted: Oct 13, 2013 11:24:35 AM

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

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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.
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EnviroChemist
Champion Author Oklahoma

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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.
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VMIJim
Champion Author Alabama

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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?
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grandmacbc
Champion Author Buffalo

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Message Posted: Oct 13, 2013 8:38:41 AM

remember what goes up eventually comes down
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txequitygas
Champion Author Houston

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Message Posted: Oct 13, 2013 8:01:22 AM

Thanks to fracking..
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danny999
Champion Author Florida

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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.
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pricewar
Champion Author Ogden

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Message Posted: Oct 13, 2013 3:59:23 AM

Time to say good bye OPEC.
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gbs1
Champion Author Minnesota

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Message Posted: Oct 13, 2013 2:44:05 AM

Interesting
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2b0b
Champion Author Tulsa

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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.
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OHMS
Champion Author Orange County

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Message Posted: Oct 13, 2013 2:19:42 AM

could be much better for all
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comprof
Champion Author Houston

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Message Posted: Oct 13, 2013 1:47:25 AM

No thanks to this POTUS.
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silverfoxv65
Champion Author Michigan

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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!
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MaxWebster
Champion Author Toronto

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Message Posted: Oct 13, 2013 1:10:20 AM

You guys showed them
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KAR120CSII
Champion Author Oregon

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Message Posted: Oct 13, 2013 1:06:22 AM

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

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Message Posted: Oct 13, 2013 1:05:42 AM

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

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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!!!
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USMCturtlehead
Champion Author Lexington

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Message Posted: Oct 13, 2013 12:44:41 AM

That's great.
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el_fr
Champion Author Massachusetts

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Message Posted: Oct 13, 2013 12:28:32 AM

Way cool
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1momsunshine
Champion Author Ottawa

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Message Posted: Oct 13, 2013 12:19:33 AM

Thank you
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Oct 12, 2013 11:39:47 PM

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

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Message Posted: Oct 12, 2013 11:26:49 PM

Thank you
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cheapchickKY
Champion Author Lexington

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Message Posted: Oct 12, 2013 11:09:02 PM

Look at the prices...
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ScottTee
Champion Author Detroit

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Message Posted: Oct 12, 2013 10:49:30 PM

Hooray!
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davenles
Champion Author Texas

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Message Posted: Oct 12, 2013 10:36:46 PM

That'll teach them.
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roadrunnin
Champion Author Richmond

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Message Posted: Oct 12, 2013 9:55:40 PM

how times change
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montpelier28
Champion Author Vermont

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Message Posted: Oct 12, 2013 9:19:40 PM

40 years, how time flies.
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mastermariner
Champion Author Texas

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Message Posted: Oct 12, 2013 9:14:18 PM

Interesting article
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Grizdad
Champion Author Montana

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Message Posted: Oct 12, 2013 9:12:30 PM

OPEC=Economic Terrorists.
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agrico
Champion Author New Orleans

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Message Posted: Oct 12, 2013 9:02:46 PM

Sure looking forward to being energy independent
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Pielededrac
Champion Author Florida

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Message Posted: Oct 12, 2013 8:36:51 PM

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

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Message Posted: Oct 12, 2013 8:36:19 PM

Despite government incompetence!
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BIGOILEATURCRUD
Champion Author North Carolina

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Message Posted: Oct 12, 2013 8:07:24 PM


Right
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Patriots9
Veteran Author Naples

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Message Posted: Oct 12, 2013 7:37:09 PM

Ok
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Vetteblu
Champion Author Denver

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Message Posted: Oct 12, 2013 7:34:07 PM

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

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Message Posted: Oct 12, 2013 7:33:44 PM

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

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Message Posted: Oct 12, 2013 7:33:13 PM

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

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Message Posted: Oct 12, 2013 7:28:40 PM

Coal is to be exported.
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bojiway1
Champion Author Minnesota

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Message Posted: Oct 12, 2013 7:15:56 PM

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

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Message Posted: Oct 12, 2013 7:09:24 PM

it seems the whole world is awash in oil now
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