Cable News Clips

a similar situation is with the oil supply. Despite the higher fuel prices now I have recently had a conversation where I describe this period we're in as being a "lull". The ripple effects of the high prices/supply impacts take awhile to ripple through the economy. Similar to the oil embargo in the early '70's. The embargo itself didn't last horribly long but the ripple effects through the economy grew larger and larger as wave after wave of price increases for goods came through the economy. People tightened their spending, layoffs began in response to weakening sales volume for consumer goods, home improvement materials etc. Then the layoffs fed into more decreased spending/demand and the spiral became a loop like a dog chasing its' tail.

Imagine the reaction today if the US gas stations had "closed" signs or if the old "odd/even" or purchase limits went into effect for gasoline and diesel. According to basic demographic info only 18% of the current population is over the age of 65. That figure of 65 I chose because that would mean that when the 1973 embargo hit that person was 12 years old and that would be about the age where you might have really begun to understand the impact of gas station rationing/closing etc. So 82% of the country alive today pretty much has no real touch for what that was like. The stats show that over 50% were born after 1973.