Here’s the latest reader question, along with my reply:
Paul asks: What president was responsible for the gas shortages of the ’70s and what’s the best evidence of that?
My reply: My understanding is that it was chiefly the Organization of Petroleum Exporting Counties (OPEC) which was responsible for the gas shortages of the ’70s, not any U.S. president per se. OPEC – chiefly, Saudi Arabia – was unhappy about U.S. policies in the Middle East and so created shortages (of oil) to punish the U.S.
That’s the key take home point. The problem wasn’t a natural shortage of supply. It was a deliberate withholding of supply.
Now, that said, one can lay blame at the feet of Trick Dick – Richard Nixon – for abandoning the vestiges of the gold standard, which triggered inflation – the reduction in buying power of paper money.
Gas became more expensive as a result of that. At least in terms of the quantity of paper money needed to buy a gallon.
. . .
Got a question about cars – or anything else? Click on the “ask Eric” link and send ’em in!
If you like what you’ve found here, please consider supporting EPautos.
We depend on you to keep the wheels turning!
Our donate button is here.
If you prefer not to use PayPal, our mailing address is:
721 Hummingbird Lane SE
Copper Hill, VA 24079
PS: EPautos magnets – they’re back! are free to those who send in $20 or more to support the site. Also, the eBook – free! – is available. Click here. Just enter you email in the box on the top of the main page and we’ll email you a copy instantly!