@NickSzabo4 Ball, Lee & Tabor wrote an excellent under-read study of 1970s US energy called "Energy Aftermath" http://www.amazon.ca/Energy-Aftermath-Ben-Ball/dp/0071032487 …
One dog didn't bark: Suez (56) vs. Arab (73-74) crises. Europe imported over half their oil consumption thru Suez.pic.twitter.com/x14URy1S1O
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@NickSzabo4 They argue Arab embargo had no impact on domestic US market as total US imports remained constant from other markets -
@NickSzabo4 All the disasters affecting US energy consumers were in fact the result of rationing, price controls & similar stupidities. -
@NickSzabo4 Essentially all the "shocks" of the 1970s were a result of 1971 dollar depeg from gold & US energy central planning.
End of conversation
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