On Apr 4, 10:08 pm, wrote:
On Fri, 4 Apr 2008 16:54:46 -0700 (PDT), wrote:
Yeah, another urban myth resurfaces. The tankers waiting offshore
myth was widely circulated, investigated and dismissed as nonsense 3
decades ago. There was gas everywhere again when the Arabs lifted
the embargo. Simple as that.

... and that happened the same day the government lifted price
controls. The gas was here the next day. I suppose they air freighted
it in.

More nonsense. The price of gasoline shot up dramatically during the
Arab oil embargo, while at the same time there were lines, shortages
and rationing. I was there, I remember and it's well recorded
history. It wasn't a price problem, it was a pure supply problem.
The reference below does a pretty good job at explaining what
happened. The Arabs cut off 25% of the west's oil supply and you
attribute gas lines and shortages to a mythical fleet of tankers,
lurking off shore? The shortages ended in the Spring of 74, when
the Arab oil embargo ended. BTW, how big of a fleet of tankers do
you think there is in the world, capable of holding so much oil. An
endless supply to just store oil in? And your reference for this
mythical fleet of tankers is?

http://www.ccds.charlotte.nc.us/Hist...ton/horton.htm

"In October of 1973 Middles-eastern OPEC nations stopped exports to
the US and other western nations. They meant to punish the western
nations that supported Israel, their foe, in the Yom Kippur War, but
they also realized the strong influence that they had on the world
through oil. One of the many results of the embargo was higher oil
prices all throughout the western world, particularly in America.

The immediate results of the Oil Crisis were dramatic. Prices of
gasoline quadrupled, rising from just 25 cents to over a dollar in
just a few months. The American Automobile Association recorded that
up to twenty percent of the country's gas stations had no fuel one
week during the crisis. In some places drivers were forced to wait in
line for two to three hours to get gas (Frum, p.320). The total
consumption of oil in the U.S. dropped twenty percent.re nonsense. "