The 70s Oil Crisis

Goatfuckers got buttmad after losing the yom kippur war.

No gas

The real question is, why the fuck people didn't get their asses in gear to find an alternative after the second crisis!?

Idk

no gas

They did but the technology wasn't ready just like today

>What the hell happened?

It was a different kinda oil market back then, where producer countries (i.e. the MidEast) sold directly to consumer countries (America) and if the consumer country pissed off the producer countries, (by supporting Israel for no fucking reason at all…) they could simply shut off the tap and leave you high and dry.

Nowadays, all oil is bought and sold on a global market, so the OPEC nations can’t screw anybody over without screwing everybody over.

the markets weren't free enough

>in gear

no gas

Wrong. The oil under the oil patch states had been known about for decades. It was just cheaper to import from OPEC countries and the foresight of consequence was lost.

lolwat. You can hate on Jimmy Carter all you want, but the oil crisis had been going on before he even got to office...

it's more to do with the fact that a large proportion of the Oil deposits were not conventional reservoirs meaning you had to spend a lot of resources and capital to actually drill and sell that oil, and not necessarily at profit margins that would justify their exploitation.

True, never claimed it didn't. The reality is that Carter did fuck all about it and instead said "Suck it up and put on a sweater" instead of "Yeah, no, we can change this and we will change it."

So... cheaper to import from OPEC countries. Thanks.

Oil corporations bought the rights to any burgeoning technology that threatened oil dependence and buried them.

>the markets weren't free enough
The markets were too free. It was cheaper to buy oil from OPEC so we bought oil from OPEC. American oil workers expect better wages, driving up the cost of American oil.

Keynesians don't understand economics.

No one understands economics, Keynesians are just honest about it.

it's not about the cost of the workers you mong. The technology people use to extract oil from the midwest requires a lot of capital to get started. As the price of oil was down, there was very little reason to actually invest in the economic exploitation of US reservoirs.

it's more like
>you can generate energy from a variety of different renewable sources but can't actually store them because batteries are expensive as fuck.

>Isreal and the rest of the Middle east have a pissing contest
>U.S is a good goy and supports Israel
>Arabs raise their oil prices

Just before his death in 1946, Keynes told Henry Clay, a professor of social economics and advisor to the Bank of England[67] of his hopes that Adam Smith's 'invisible hand' can help Britain out of the economic hole it is in: "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago."[68]
en.m.wikipedia.org/wiki/John_Maynard_Keynes

So does that mean he lost faith in his own idea?

New heavens, new earths. Apparently he contributed to his generation's heavenly zeitgeist.

Somebody pls shoop a Y in there

Guys at /pol/ r gonna luv it lmao!!!!1

"No gasy"? What the hell does that mean

Zeitgeist?

kek

"YSYOYRYRY YNYOY YGYAYSY"

literally the jews

>we live under a sea of oil
SUBTERRANEAN LIZARD POLITICIANS CONFIRMED

>The reality is that Carter did fuck all about it and instead said "Suck it up and put on a sweater" instead of "Yeah, no, we can change this and we will change it."
>the reality

You meant your shitposting meme-filled "brain's" reality

>reality is memes now
Carter literally said "Put on a sweater," because he wasn't willing to do anything about it. Reagan flipped the script and led to the 1980's oil glut. What universe do you live in where this did not happen?