Just because the rest of the world is/was ignorant of the US production peak isn't America's fault, certainly our President was ringing the alarm bell in 1977, and Nixon was certainly hinting after the same thing years earlier. And of course the embargo gets factored in, it was going on, but so were the claims of running out, back then the embargo and American dependence on foreign crude was quite the running out scenario. That it didn't pan out any better than the others isn't my fault, blame those who keep claiming we are running out.
lol, I'm not talking about the "rest of the world" I'm talking about AMERICANS
Have you ever heard of James Akins ?
Never saw him mentioned here although about oil, though to find a more key US guy :
- He is the guy that audited US capacity for Nixon further to 1971 US peak. This was a rather secret thing not meant to be publicized in the press. The results : we are in a very serious mess (and results also provided to OECD
- He was then US ambassador to Saudi Arabia, then fired from US diplomacy in 1975
- The consequence of US peak was that the western majors NEEDED higher barrel price, in order to start more expensive plays : Alaska, GOM, North Sea (and in the process keep a higher market share or in other words "less dependency on foreign oil"(does that ring a bell ?)
- The US diplomacy PUSHED FOR the price rise, and Akins in particular in a 1972 Algiers meeting
- The so called "embargo" was a complete non event (in real oil market terms, it was clearly one in Public relations terms) : it lasted 3 months, only towards a few countries (Holland in Europe), and wasn't even effective from Saudi Arabia to the US : tankers kept on going from KSA through Bahrain to the US (Army in particular in Vietnam). Some repub senators started to raise strong voices against the arabs about the embargo, Akins asked the permission to tell them what was going on, he did, they shat up, there was never any leak, Akins very specific about that in interviews below (part 2) for instance : http://parolesdesjours.free.fr/petrole.htm
(a bit after 19:30, this doc only in French and German, but interviews should be understandable)
- The so called embargo was however very practical for :
* The US putting the "blame" on the Arabs/OPEC, covering the true extend of the problem to its "citizens"
* Arab producers and Saudi Arabia in particular, showing the "arab street" that they were doing something "for the palestinians"
Anyway "That it didn't pan out any better than the others isn't my fault, blame those who keep claiming we are running out."
You obviously are one of these airheads that never truly looked at the figures, and of course know even less about the history around them, so no need to lose time.
If you know a bit how to read "in between the lines", you can also read below : http://www-personal.umich.edu/~twod/oil ... pr1973.pdf