GenKreton -
The 1973 oil embargo ushered in the Japanese econobox era, so I see this as more of the same. From my POV, the scary difference is that the USA was in much better economic shape to "weather the storm". For example, back then we were the largest creditor nation in the world. Today we're the largest debtor nation in the world.
Here's an ironic twist from B911 cheap-oil year of 1998. Happy Anniversary
!!! :
25th Anniversary of the 1973 Oil Embargo
http://www.eia.doe.gov/emeu/25opec/anniversary.html
Quote:
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This marks the 25th anniversary of the energy crisis of 1973, in some ways the most pivotal year in energy history. Anniversaries are often a time of reflection. In this spirit, the Energy Information Administration presents here 30 major energy trends in the United States over this period. Taken as a whole, these measures provide a picture of how this country has responded to the crisis a quarter century ago. Through 1972, Americans had become accustomed to expanding energy consumption with minimal concerns about the constancy of supply or sharp price escalations. In 1973, however, expectations about energy supply changed dramatically. ...
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Frank -
We started to make the changes 30 years ago, but we got lazy and didn't follow through.
CarloSW2