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The failed embargo of 1967

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The failed embargo of 1967

Unread postby tita » Sat 30 Dec 2017, 09:15:45

Following the recent increase in the monthly US production figure, I searched if it happened in history. There were much greater increases, but they were mostly related to a drop in production caused by weather. But I discovered one story I never heard, in 1967, when an embargo from middle east countries to US and Europe, related to the 6 day war, just failed:
https://www.brookings.edu/blog/markaz/2 ... il-weapon/

At that time, the US production had spare capacity and was controlled by the TRRC. In just 4 months, the US could increase production by 1 Mb/d. Of course, just 3 years later, the US production hit its first peak.

We are 50 years later... the US production is at similar production levels and progressing, the middle east is more than ever in geopolitical tensions, the world is hungry for oil with economic growth, some talk about setting foot on Mars... Yeah, history is a big joke repeating itself. But we have internet and smartphones now!

Happy new year everybody!
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Re: The failed embargo of 1967

Unread postby Tanada » Sat 30 Dec 2017, 22:39:05

It is an interesting thought problem is it not? WI Europe had caved and sided with the anti-Israel coalition in 1967? The USA was at the time beset with problems, race rioting was taking place combined with violent protests by the anti-war and anti-draft movements. the teens and twenties generation had a lot of talk about free love and not so much talk about rampant VD rates among the young. It wouldn't be too hard to spin a scenario where say The Weatherman (terrorist group) actually pulled off a successful attack that messed up the USA oil industry for a few weeks right as the Embargo took place. Things were tight enough it wouldn't have actually taken much of a disruption. As far as that goes a California earthquake that knocked out a big west coast refinery or a hurricane that say sunk a tanker right at the loading terminal in Louisiana. Nothing that could not be fixed within a few months, just something that would pile insult upon injury at the perfect time for the Embargo forces out of OPEC.
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