U.S. Congress takes charge of energy policy same time as Watergate investigation (1973 & ‘74)

Oct. 6, 1973: Egypt and Syria attack Israel in the Yom Kippur War.

Oct. 17: OPEC announces an oil embargo against the United States

Oct. 20: Nixon fires Cox, Richardson (resigns rather than carry out order), and Ruckelshaus in “Saturday Night Massacre.”

So, obviously a very eventful month. And what I’m basically asking is, Congress doesn’t get so distracted by Watergate, but also pursues energy policy in a very serious and highly competent manner.

Please take this timeline on a test drive! Thanks. :cool:
 
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As a general rule, people usually seek more power, especially people who already have some power.

So, as far as the Democratic leadership of both House and Senate . . .

Is this a relatively rare exception?
 

kernals12

Banned
First I need to clear up a misconception, OPEC's most devastating action was not the embargo (which oil producers such as Venezuela and Iran ignored), it was the sudden price hike.

Second, "energy policy" is mostly just a political buzzword. With the exception of the Tennessee Valley Authority, Washington has no direct control over any of America's electrical utilities. It also has little control over oil and gas production (except for the small deposits on Federal land).

The only success has been in energy efficiency standards set by the EPA, such as Corporate Average Fuel Economy rules that caused American cars to become 30% more fuel efficient between 1977 and 1982.

But otherwise, it's the free market that, by and large, guides these things.
 
First I need to clear up a misconception, OPEC's most devastating action was not the embargo (which oil producers such as Venezuela and Iran ignored), it was the sudden price hike.
Yes, the price of oil increased from approximately $3 a barrel to approximately $12. Huge effect. A four-fold increase in the price of a major economic input . . .

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Stagflation
https://www.quora.com/Why-did-stagflation-occur-in-the-70s-Why-didnt-it-happen-in-2009

The supply curve shifts inward. And we end up at a place of both lower GDP and higher price. This is the easy type of stagflation to understand.

OPEC kept the higher price even when they ended the embargo in March ‘74.

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Yes, I’m known for showing this graph and wish I got more traction out of it! :openedeyewink:
 
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