expat_panama
Gold Member
- Apr 12, 2011
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Right, some folks say the reason that the gas stations closed was because the world had run out of oil and there would never be any more oil any more. Others said the shortage was caused by Nixon's gas price controls.This has happened before ... and there wasn't any gasoline for any money ... if you remember 30¢/gal, then you remember the OPEC oil embargoes ... gas stations closed ...
My hope is that you're aware that whenever the government decrees a selling price lower than the market supply and demand price that there are shortages. When there controls were lifted there was plenty of gasoline from the rising prices which in turn led to a supply surge which brought about falling prices back down to where they were before the "crisis".
Please forgive the chart, I'm aware that many don't like numbers but my experience is that being happy with numbers makes me rich. Hard habit to set aside.