“Every president since the reserve was created has released oil for the wrong reasons: To affect the price of crude on the market. It was meant to provide a short-term buffer if the Arabs get another wild hair, as they did in ‘73.”
And that’s where we went astray, in 1973.
The western world’s first response to the OPEC embargo should have been the barrels of guns — LOTS of guns, with the simple admonition to the countries involved, “you WILL NOT continue with this, or else.”
And then we should have done what needed to be done, right then and there.
We would force someone to sell to us by threat of an armed attack? I am afraid that’s not a reasonable course of action.
If you're out of food and come to my house threatening to take mine, I will kill you.
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