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I lived in the 1970s when gas was rationed, water was also.

States were allocated oil in 1974 based on what they had used in 1972. Colored flags indicated if rationing was in effect or if no gas was available. I was earning about $1.24 an hour. Walked to work many times.

The glut began in the early 1980s as a result of slowed economic activity in industrial countries due to the crises of the 1970s, especially in 1973 and 1979, and the energy conservation spurred by high fuel prices.

Short-run disruptions in the global supply of gasoline and diesel fuel were particularly acute in the spring and early summer of 1979. Several states responded by rationing gasoline, including California, New York, Pennsylvania, Texas, and New Jersey.

It’s called supply and demand.

“More than 40 years ago, a character on Saturday Night Live named Father Guido Sarducci, proposed a Five Minute University. His concept: In five minutes, he could teach you what the average college student retained five years after graduation. He only wanted 20 bucks for this distillation of great knowledge. His course on Economics was boiled down to 3 words: “Supply and demand.”

Does the President Control Gas Prices?

By Jeff Lenard

Truth be told, U.S. presidents have very little control over the price per gallon.

February 03, 2021

From: Out of tune | Tom Camfield

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