You are hereBlogs / WcP.Tomorrows.History's blog / Sound familiar? In 80s, massive oil shortage, prices soared; economies into recession; prices flattened out, in 1985, collapsed

Sound familiar? In 80s, massive oil shortage, prices soared; economies into recession; prices flattened out, in 1985, collapsed


By WcP.Tomorrows.H... - Posted on 25 June 2008

Gasoline prices over $5 per gallon are displayed at a Shell station in San Mateo, California, June 23

(quote)

The world's thirst for oil is growing so quickly humanity will consume more of it this decade than over the previous hundred years. Production can't possibly keep up. And the consequences will be dire. "This surge of demand will soon begin to send shock waves through the American economy and transportation system," wrote one expert. The American interior secretary agreed.

A massive oil shortage was coming in the 1980s. Everyone knew that. But before the predicted crisis could arrive, the world was hit with one that wasn't predicted: The Iranian revolution of 1979 turned a major American ally into a major American enemy. Oil prices soared. Economies slipped into recession.

Banner: Beer now cheaper than Gas! Drink, don’t drive!

Experts were certain the age of scarcity had arrived ahead of schedule. "The cardinal issue is how vicious the struggle for energy supplies will become," the head of the CIA told a Senate committee. In the summer of 1980, the journal Foreign Affairs captured the dismal mood in an article headlined "Oil and the Decline of the West."

Then a funny thing happened. The price of oil stopped rising. Instead, it fell. And fell some more. High prices had encouraged oil companies to explore like never before and producers to open their spigots. Supply gushed onto the market.

In 1985, the price of oil collapsed.

(unquote)

Images courtesy of AFP/Getty Images/File/Justin Sullivan, Speciality Sites 24-7

Original Source: Montreal Gazette

Oil shortage is not only a reason for the increase in this oil price and there are more factors like this. This increase in this oil price will definitely affect average people and this is now a big problem faced by many people I think.

Now days the price of many things which are very necessary for ones living is continuously increasing. Many of us can afford such hike but what about others? How they manage to such situations are really big question and thanks for the news.
https://www.consumertripleplay.com/">directv family package

It is a true fact that the price of gas is higher than that of beer and I am still confused about this matter. This is really a big problem faced by us now days and I think we will never find a perfect solution for such issues. Keep sharing things like this!
http://www.searchforcloud.com">business voip reviews

The up and down of oil prices are now common factor in Internationally. This is primarily depends on the demand and supply chain and https://www.essaysintime.net/">essays on time helped me to understand it well. Any increase in oil prices might force economies into recession.

Somehow it looks like the same thing is getting repeated now in the Middle Eastern countries. The rates of oil has gone down so much that thousands of people have lost their jobs in past few months in Oman, Kuwait, Dubai and Qatar. https://www.consumertripleplay.com">dish network channels

much obliged this is great website. health articles

I am going to come back once again since I book marked that. Cash along with flexibility is the greatest method to change, may possibly an individual end up being prosperous along with carry on and guide other people.

Superbly written article, if only all bloggers offered the same content as you, the internet would be a far better place..
free twitter followers
free fb likes

This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.
Showbiz News

This post shares the history of olden days when people faced massive oil shortage and all. Now the situation has changed a lot. There is no lack for anything in this world.

This post shares an informative matter and I am able to compare present situation and the situation in 80s. I think this is very much useful to know the differences between those days and now. Keep sharing! https://www.pacificryo.com">whole body cryotherapy

Contact Us

Contact Us

RSS feed

Subscribe to WcP Blog RSS feed

Twitter

WcP Blog on Twitter

Facebook

WcP Blog on Facebook

Custom Search



Archive Calendar

November 2020
SunMonTueWedThuFriSat
1234567
891011121314
15161718192021
22232425262728
2930


Random image

Poem in Art: A deep below the deep... - Alfred Lord Tennyson

Poll

Search the Web

Custom Search

Featured Videos

Latest Quote

"We come from the earth.
We return to the earth.
And in between we garden."
- Author Unknown

"If you have a garden and a library, you have everything you need."
- Cicero

Recent comments

Reader Reviews

  • "Great culture sharing. This is really important to show all over the world and different cultures and nature to whole world." - Anonymous (January 27, 2019)
  • "This is one of the most incredible blogs I've read in a very long time. The amount of information in here is stunning, like you practically wrote the book on the subject. Your blog is great for anyone who wants to understand this subject more. Great stuff; please keep it up!" - Anonymous (May 29, 2018)
  • "I am just happy to know about your website. It's informative and valuable for me. Thanks for sharing interesting info with us. Keep doing best in future." - Kelvin (May 28, 2018)
  • "Very good and creative website, graphics are wonderful." - Ricky (October 7, 2017)
  • "This is absolutely fantastic photography. I recommended to lovers of photography." - Christina (June 30, 2017)
  • "Your website seems to have precious gemstones on the subject of penning." - Bryce (March 29, 2017)
  • "Your articles are constantly awesome. You compose with exactness and your data is constantly precise. What's more, those two things make an article go from great to awesome! Continue distributing more extraordinary articles." - Ayesha (March 19, 2017)
  • "You are doing an amazing job." - Jake (January 4, 2017)
  • "I am an anthropology student and this site has helped me a lot to know more about the various cultures across the world. This is the reason I visit the site so often. Keep on sharing more and more posts like this. Thank you." - Anonymous (April 3, 2016)
  • "Your site is valuable. Appreciative for sharing! Awe inspiring Blog!" - Anonymous (March 16, 2016)
  • "This blog is the book which has feelings for around their lives. Will you produce intense addons." - Anonymous (January 26, 2016)
  • "Interesting quote. I have gone through different posts in this website. I could see different themed quotes and interesting posts here. I am much impressed with this website. Keep up the good work and keep sharing interesting stuff." - Howard (January 25, 2016)
  • "I was so impressed by it I felt I would reach out to you to say thank you. Great work...that's one great blog you've got there!" - Kayla (January 8, 2016)
  • "This is incredible. Finally something new. I was reading comics the whole time. This is the real fact, which I do not think anyone else has such a well written and updated blog like yours." - Zach (January 7, 2016)
  • "The Superbly defined stuff of reading, you constructed a masterpiece with your magical mind. Your writing skills are simply awesome. Great work!" - Katie (December 28, 2015)
  • "This really shows that you can still find folks that care about the things they post online. I really liked browsing the comments." - Myles (December 23, 2015)
  • "Yes i agree with the above poem that window is the world so far i have come across. Every thing comes from it. You have written in a very poetic way. Looking forward for more poems from this." - Anonymous (December 11, 2015)
  • "Every last tip of your post is incredible. You're really great to share. Keep blogging..." - Anonymous (December 8, 2015)
  • "I always take pleasure in your articles. You have a gift for discussing such stirring topics in ingenious yet amusing ways. Your posts help us realize that our troubles are typical, and we can solve them in ready to lend a hand ways..." - Angela (October 05, 2015)
  • "We all appreciate the power of words you always provide!" - Anonymous (October 05, 2015)
  • "So poetic..." - Anonymous (September 15, 2015)
  • "The method for composing is phenomenal furthermore the substance is first class. A debt of gratitude is in order for that knowledge you give the perusers!" - Anonymous (July 23, 2015)
  • "Your configuration, man...too astonishing! I cant hold up to peruse what you've got next.Thanks for your superb posting!" - Anonymous (July 16, 2015)
  • "I found myself starring at these photos. I cannot believe that I haven't seen them before, taking into account that I am mesmerized by sea and ocean as one can be by forces of nature. Thank you so much for putting them out here, because even though they were posted by such a giant as National Geographic, I still have missed them. Well, “dazed” is the exact word that describes the feeling that I felt when I first set my eyes in these photos." - Anonymous (July 14, 2015)
  • "I will check your different articles without further ado. Continuously so fascinating to visit your site. Thank you for sharing, this will help me such a great amount in my learning." - Anonymous (July 10, 2015)
  • "Extraordinary stuff, just basically astonishing! Keep it up in future. I am truly inspired by this site!" - Anonymous (July 3, 2015)
  • "I was reading your post since 2012 and you are writing so much outstanding ideas I must say you are a talented person." - William (June 29, 2015)
  • "I have never seen such amazing thoughts displayed in composing. Your author has an extremely one of a kind method for exhibiting data so as to catch the peruser's consideration." - Anonymous (June 27, 2015)
  • "Mind boggling posting! I really like the way you are sharing the exceptional tackle this subject." - Anonymous (June 25, 2015)
  • "I unquestionably appreciated all of it and I have you bookmarked your site to look at the new stuff you post in the future." - Anonymous (June 13, 2015)
  • "I was very thrilled to find this website. This is really interesting and I have recommended this site for my friends also. I had a fantastic read from this blog." - Anonymous (June 2, 2015)
  • ""The exposition seeks to discover a haven inside character and communicate gratitude for life during its peaceful and thoughtful vibe." - Micheal (May 19, 2015)
  • "Fantastic Blog! I might want to thank for the efforts you have made in writing this post." - James (May 15, 2015)
  • "You are a good photographer your photography is good you click very nice shots which are very attractive and beautiful keep it up." - Ashlyn (May 5, 2015)
  • "Amazing! Great post! Wonderful pictures and well written article!" - Anonymous (March 10, 2015)
  • "Certainly worthwhile content! This is an excellent reference to spent time and gets authentic observation by reading." - Anonymous (February 12, 2015)
  • "Certainly exceptional blog! It is so wonderful content and acceptable with a clear concept. Thanks much!" - Lisa (January 13, 2015)
  • "Photography is my passion and like to learn something new about it. From your blog i have learned many things and i loved to read it thanks for sharing such a useful post" - Anonymous (January 1, 2015)
  • "Magnificent web blog! This is your superb consideration and appreciate your notion with this matter. Thanks a lot for sharing!" - Lisa (December 20, 2014)
  • "Undoubtedly enjoyed this blog! You set the subject content with exceptional abilities and a bit on the right track." - Lisa (December 17, 2014)
  • "It's an extraordinary joy perusing your post. It's loaded with data I am searching for and I want to post a remark that the substance of your post is wonderful. Thanks! :)" - Lilia (July 31, 2014)
  • "I do not even understand how I finished up right here, but I thought this to be great. I do not recognise who you are however certainly you
    are going to a famous blogger for those who are not already. Cheers!" - Gerald (July 24, 2014)
  • "Your blog is very informative. Also the images in it are beautiful!" - Anonymous (January 8, 2014)
  • "It is tempting to comment because of the amazing content on this blog. I wish I had a blog like this." - Anonymous (December 27, 2013)
  • "Thanks for trying to make the world a better place." - Anonymous (July 16, 2013)
  • "I have added to my favorites. I just found this blog and have high hopes for it to continue. I believe this really is excellent information. Most of men and women will concur with you and I ought to thank you about it. Thanks for sharing." - Anonymous (May 16, 2013)
  • "This is awesome! Your photos are perfectly taken! It captured the decisive moment. I am a fan already." - Sarah (Apr. 15, 2013)
  • "Can I just say what a relief to obtain a person who truly knows what they're talking about on the web. You certainly know easy methods to bring an issue to light and make it critical. Extra individuals must read this and comprehend this side of the story. I can't believe you're not even more well-liked considering that you absolutely have the gift." - Anonymous (Jan. 23, 2013)
  • "I wish to show my thanks to the creator of this blog. Keep contributing a good concepts and strategies. Many people will surely improve their skills by reading blogs like this." - Anonymous (Dec. 25, 2012)
  • "I really like your style but mostly your initiative. The world needs more writers like yourself." - Steve (Jan. 18, 2012)
  • "It must be very rewarding to have a long term project like this and too see the progress being made! Thanks for sharing it." - Mika (Jan. 18, 2012)
  • "This was a very eye opening video. It's made an impact on me. We're so unaware of the things that we do every day can destroy our ecosystem. The statistics are mind blogging especially the fact that 90% of big fish are gone. We need to stop this somehow. I'm going to spread this page to my mutual friends. Thanks for this." - Joseph (Jan. 15, 2012)
  • "I enjoy this blog a lot." - Liz (California, USA; Oct. 17, 2011)
  • "Keep up the good work you're doing." - Casper (Melbourne, Australia)
  • "Thanks for sharing some great content through your blog. It has been a sincere pleasure to read." - Anonymous
  • "Always fresh and fascinating." - Anonymous
  • "Cool bio[mission statement]." - Darin (California, USA)
  • "You have some beautiful images. Love your site!" - Susan (Washington DC, USA)
  • "I love your Blog." - Kate (Ireland)
  • "A great site highlighting many important issues." - Bob (New Zealand; Feb. 20, 2010)
  • "Love the images on this blog..there are some interesting articles about health I noticed...we tend to run a 50/50 risk of a heart attack...I noticed when in the USA recently everyone seemed huge..they ate massive meals...I reckon that is one cause of heart failure...just my opinion..but yeah these articles can be worrying to some folk so just heed the advice...I know I will." - Mick (The Sunshine Coast, Australia; Aug 29, 2009)
  • "Excellent blog." - Bill (Vancouver Island, Canada)
  • "Fantastic blog and educational articles, much enjoy visiting...Thank you!" - Lotus1150 (Alberta, Canada; Aug 28, 2009)
  • "Great site and awesome photos." - David (Washington DC, USA)
  • "I loved your website. Even finding some news about Turkey made me surprised." - Anonymous (Turkey)
  • "Gorgeous site ... the kind of place you could lose yourself for hours (suppose that was intentional?). Also, cartoons, commentary on the events of the times, etc. Great stuff." - Daniel (Nevada, USA; Jan. 03, 2009)
  • "...may your blog, ideas and efforts help many more people." - Anonymous (New Mexico, USA)
  • "Very cool site..." - Anonymous
  • "Amazing site, worth the visit every time... enjoy." - Sam (Saudi Arabia)
  • "Easy to read and well-designed." - Colin (Arizona, USA; Apr. 22, 2009)
  • "Unique mix of news, photos and poetry." - Frasier (Virginia, USA)
  • "Worldculturepictorial.com/blog is an extremely interesting collection of news articles. It calls itself "A Window On the World". The site contains a wide variety of topics, all very informative and pertinent to life in today's world." - Cynthia (Massachusetts, USA; Aug. 07 2008)
  • "Wow. Cool." - Christopher (Melbourne, Australia; Dec. 10 2008)
  • "An interesting way to check out the wonders of our world." - Anthony (Ohio, USA)
  • "Nice site, especially the rss icon." - Daniel (California, USA; Sep 10, 2008)
  • "Good blog - Everything from news to photography. Very informative." - "explicitmemory" (Texas, USA)
  • "Very informative site by prose and picture..." - Jeff (Michigan, USA)

AdSense unconfigured block. Click to configure.