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Hallo all again,
Here is what the US Department of Energy says about the impact of the 1973 oil
embargo, it is off their website:
ENERGY INFORMATION ADMINISTRATION
EIA Reports
U.S. DEPARTMENT OF ENERGY
WASHINGTON DC 20585
FOR IMMEDIATE RELEASE
September 3, 1998
25th Anniversary of the 1973 Oil Embargo: Where Are We Now?
Since the 1973 oil embargo disrupted U.S. and world energy markets, per capita
use of petroleum in America has dropped, but oil imports have risen to record
levels, well above those seen 25 years ago.
These and 28 other major energy trends are reported in 25th Anniversary of the
1973 Oil Embargo: Energy Trends Since the First Major U.S. Energy Crisis
prepared by the Energy Information Administration at the U.S. Department of
Energy. The report is being released today in advance of the embargo's 25th
anniversary in October. The year 1973 is still remembered for a
sharp run-up in energy prices, energy shortages, and long lines at many
gasoline stations.
>===== Original Message From Rahul Mahajan <rahulm@mail.utexas.edu> =====
>Hello, all. In light of all the speculation about a possible oil embargo on
>the United States by Iraq (which will certainly not be supported by anyone
>else, with the extremely unlikely possible exception of Iran), I thought a
>historical note about the effect of such embargoes.
>
>Many people, when considering 1973, confuse two separate actions. One was a
>quadrupling of the price of oil by OPEC, which non-OPEC members went along
>with. The other was a specific embargo targeted at the United States and
>the Netherlands for their support of Israel. Although Saudi Arabia
>participated in this embargo, Iran did not. In any case, the effects of the
>embargo itself were negligible, although the effect of the price hike was
>great. The reason for this is the obvious fact that oil is fungible. The
>United States went to other sources, did third-party deals with European
>countries, and suffered no more than any other country, and less than many,
>since the US is itself an oil producer.
>
>Even if all of OPEC cut off the United States, the effect on oil prices for
>American companies would be very slight. Prices at the pump might rise, but
>that would just be because of domestic oil companies taking advantage of
>the situation. And, of course, what is being tentatively discussed is a
>symbolic one-month embargo, which most OPEC spokespeople have strongly
opposed.
>
>In solidarity,
>
>Rahul Mahajan
>
>
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All postings are archived on CASI's website: http://www.casi.org.uk