Sadly, I remember those prices. Of course, I wasn't driving yet, but I do remember it.
During the first Arab oil embargo I was sailing on a super tanker with 80,000 tons of light crude from Africa's West Coast (Abidjan). WeSadly, I was driving then. (Sad because the prices never dropped after the first Oil embargo. I've aged well, can't complain about that.)
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'...say hello to the new boss, same as the old boss...'During the first Arab oil embargo I was sailing on a super tanker with 80,000 tons of light crude from Africa's West Coast (Abidjan). We
had to pretend to unload in Trinidad, Port Arthur TX, and Baton Rouge for Texaco (who we had a contract with) to look busy ... because all of the tanks were full / topped off and there was no room for us to discharge more oil during the so called oil shortage. We were not the only super tanker waiting and pretending to look busy. Both U.S. and Japanese Super Tankers had no place to unload in the U.S. It was infuriating to come ashore and rent a car to find no fuel available when we were sitting on 2.3 million gallons of light crude that needs very little processing.
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It was wierd in that every worker in the whole industry sector (Oil Tankers, Oil Refiners / Distributors) had to know there was not a real shortage during the Arab Cartel Oil Embargo but a charade was wide spread. There was no love loss between the press and the Whitehouse during this period after the '72 election (Watergate) but if this was going on in 2017 you can bet your ass they would try to nail it on Trump.'...say hello to the new boss, same as the old boss...'