Suppose that around the time of OPEC's formation, an Ayatollah Khomeini-type of dictator came to power in Saudi Arabia after a coup. Full of animosity and hatred toward the "Great Satan", he refuses to sell crude oil to the US for less than $50 a barrel (we're taking early 70s money here).
How would this effect the kinds of cars Americans drive? Would mass transit become more popular? How would this affect the use of plastic in consumer goods?
Or we would simply just use the oil produced here at home rather than export it?
How would this effect the kinds of cars Americans drive? Would mass transit become more popular? How would this affect the use of plastic in consumer goods?
Or we would simply just use the oil produced here at home rather than export it?