US Still Learning 1970s Energy Security Lessons

摘要

Although the sustained high oil prices of the past few years are not directly comparable to the price shocks of 1970s,the US can look at that period for guidance on how to manage some of the risks created by today's oil market environment.The conventional wisdom has been that the shortages of the 1970s were simply the result of action by foreign producers,but in reality they were largely self-inflicted,a consequence of US government policy,such as price controls and gasoline rationing by license plate number,all of which led to panic buying.