Home > Topic > oil prices
1 " America experienced its first oil shock. Within days of the cutoff, oil prices rose from $2.90 to $11.65 a barrel; gasoline prices soared from 20 cents to $1.20 a gallon, an all-time high. Across America, fuel shortages forced factories to close early and airlines to cancel flights. Filling stations posted signs: 'Sorry, No Gas Today.' If a station did have gasoline, motorists lined up before sunrise to buy a few gallons; owners limited the amount sold to each customer. Motorists grew impatient. Fistfights broke out, and occasionally, gunfire. President Nixon called for America to end its dependence on foreign oil. 'Let us set as our national goal. . . that by the end of this decade we will have developed the potential to meet our own energy needs without depending on any foreign energy source,' he said. We have still not met this goal. "
― Albert Marrin
2 " The overall U.S. homeownership rate increased from 64 percent in 1994 to a peak in 2004 with an all-time high of 69.2 percent. Real estate had become the leading business in America, more and more speculators invested money in the business. During 2006, 22 percent of homes purchased (1.65 million units) were for investment purposes, with an additional 14 percent (1.07 million units) purchased as vacation homes.These figures led Americans to believe that their economy was indeed booming. And when an economy is booming nobody is really interested in foreign affairs, certainly not in a million dead Iraqis. But then the grave reality dawned on the many struggling, working class Americans and immigrants, who were failing to pay back money they didn't have in the first place.Due to the rise in oil prices and the rise of interest rates, millions of disadvantaged Americans fell behind. By the time they drove back to their newly purchased suburban dream houses, there was not enough money in the kitty to pay the mortgage or elementary needs. Consequently, within a very short time, millions of houses were repossessed. Clearly, there was no one around who could afford to buy those newly repossessed houses. Consequently, the poor people of America became poorer than ever.Just as Wolfowitz's toppled Saddam, who dragged the American Empire down with him, the poor Americans, that were set to facilitate Wolfowitz's war, pulled down American capitalism as well as the American monetary and banking system. Greenspan's policy led an entire class to ruin, leaving America's financial system with a hole that now stands at a trillion dollars. "
3 " You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel. "