OPEC Oil Embargo 1973 quadrupled gas prices created shortages-something to keep in mind

"Nevertheless, the 1973 oil shock provided dramatic evidence of the potential power of Third World resource suppliers in dealing with the developed world. The vast reserves of the leading Middle East producers guaranteed the region its strategic importance, but the politics of oil still proves dangerous for all concerned to this day.."

http://en.wikipedia.org/wiki/1973_oil_crisis

 

<div class='quotetop'>QUOTE(fshagan @ Dec 15 2006, 08:51 PM) [snapback]363034[/snapback]</div>

The Wiki article does go into the Decline of OPEC, however, the other countries in the Top Ten do not exactly instill one with confidence in our oil supply, Saudis, Nigeria, Iraq?

"When reduced demand and over-production produced a glut on the world market in the mid-1980s, oil prices plummeted and the cartel lost its unity. Oil exporters such as Mexico, Nigeria, and Venezuela, whose economies had expanded frantically, were plunged into near-bankruptcy, and even Saudi Arabian economic power was significantly weakened. The divisions within OPEC made subsequent concerted action more difficult."

In summary the article arrives at the conclusion that "the politics of oil still proves dangerous for all concerned to this day.."

It is imperative to explore and initiate new technologies, alternative fuels and renewable energy sources. There is this sinking feeling that things are just beginning to go from bad to worse. Recent history reminds us we can still be held hostage to foreign oil.