In the 1970’s we went through a couple of gas shortages in America. You would think, in 2021, our government would understand the need to become energy independent, especially when we have the resources to do so.
So, what happened in the 1970’s? Two things people are familiar with that came out of the 70’s crisis were Daylight Savings and the 55 mile per hour speed limit.
In a nutshell, in October 1973, the Organization of the Petroleum Exporting Countries (OPEC) started an embargo on oil exports to the United States because Arab countries were at war with Israel. The embargo was a result of the United States resupplying Israel’s military during the conflict.
The United States was dependent on foreign oil and gas prices almost doubled overnight . The system of “Odd and Even” rationing was born, and it lasted until 1974. More recently, we have seen this system reinstituted in Puerto Rico after Hurricane Maria destroyed the island in 2017.
In 1979 on the onset of the Iranian Revolution, Iranian oil production was halted. Oil shortages and gas price hikes showed up, once again, in the United States.
Oil markets went on a panic and the price of crude oil doubled. President Carter was quoted as saying of the crisis to be, “the moral equivalent to war.” After the American embassy was seized, Carter declared and oil embargo on Iranian oil imports.
In 1990, after the invasion of Kuwait by “our former Man in Havana”, Saddam Hussein, another jump on crude oil prices and gasoline shortages were seen across the globe.
Fortunately for the United States, this was not a long lived shortage. Once the conflict was dealt with, prices decreased.
After these global incidents, most shortages in the United States have occurred due to unforeseen natural disasters and government ineptitude.
Before 2017, the United States was not an energy independent country. Mostly because of government over regulation of the oil and gas industries and Environmental Protection Agency mismanagement.
Once President Donald Trump was elected to office, the United States saw a renaissance of the oil and gas industries. Construction of the Keystone XL pipeline resumed and we were a leading producer of liquified natural gas in the world.
On June 2021, TC Energy announced the cancelation of the Keystone XL pipeline due to Biden’s denial of construction permits. This was the first stage of failure of American energy independence. Biden begged OPEC to produce more oil, but OPEC told him to pound sand.
After the “election” of Joe Biden, gasoline at the pump has gone up as much as $4.00 a gallon from an average of $1.85 before the 2020 “election.” In places like California, gasoline prices are as high as $5.00 a gallon and inching closer to $8.00 a gallon.
The difference between the shortages in the 1970’s, and today’s, is the fact those were caused by geopolitical and military actions.
In 2021, the energy crisis was perpetrated upon the United States by our own government and the reversal of almost every Executive Order issued by President Trump in support of energy independence.
This is a self-inflicted wound and one that it will be hard to heal. The Biden administration killed the energy sector in the United States, and you will pay the price for it.
This only hurts the working class, the poor, those living on a fix income and on government welfare.
People like Joe Biden, Nancy Pelosi, and the rest of the Elite class, will continue to ride their SUV’s, even if gas prices reach $10.00 a gallon.
Do I believe we can end up in the same position as in the 1970’s? Absolutely!
Get those gas cans ready!