Was not the Arab Oil Embargo a big deal? No. It was not. It was a meaningless gesture but came to represent the energy crisis period of the 1970s in the perceptions of many media and academic commentators, government officials, and the public. Many believe the Embargo caused the crisis. Wrong.
The energy crisis, in terms of up to 5-fold oil price increases and changes of control of…
In days of old, when knights were bold, and oil exchanges were not invented, prices were steady, supply was plenty, and Big Oil kept drivers contented.
Before the first Energy Crisis started in 1970, the oil industry was run by major integrated oil companies. They explored for, developed, and produced oil fields, refined the oil, and sold their products through their own outlets to consumers…
