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The Worst Oil Shock in History

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New York Times: “Many of the hallmarks of the 1973 shock were a result of poor domestic policy decisions, and the hit to supply is far greater now, said Bob McNally, president of Rapidan Energy Group, a research firm. Policies like rationing set off panic buying, creating shortages instead of easing the problem.”

“The 1973 embargoed oil accounted for about 7 percent of global oil consumption, and targeted only a handful of nations. That meant the United States could still buy some oil from other countries.”

“Now, closer to 20 percent of the world’s supply is threatened, and the disruption is caused by a war that has no end in sight.”

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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