Quote:
Originally Posted by Undertoad
Well everybody has their narratives. But if the oil embargo is the entire explanation for a bad economy, then A) apparently the Econ 101 supply curve is useful and important after all, as limiting supply raised prices; and B) why are you in favor of having an artificial, self-imposed embargo every year for twenty years?
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Nonsense.
The 6-month OPEC oil embargo was an unanticipated event initiated by foreign powers for the sole purrpose of disrupting the flow of oil to the US and adversely impacting the economy.
Hardly the same as a planned (slow) phased-in transition over a period of 20 years, with government tax abatement programs and other assistance for some industries and citizens who may be impacted beyond reasonable means.
You can do better than that!