I was a young newspaper reporter during the 1973 OPEC oil "embargo" (so-called). Whatever else history records it as having consisted of - bluffing, hoarding, fear-mongering, market manipulation - a few things are inarguable. It arose suddenly out of a political conflict (the Yom Kippur War), and it disrupted life in the USA to a degree unknown since the Second World War - or for that matter until the present day, even counting the trauma of 9/11/01. My sense of things is that we are now entering an oil crisis much more severe and very likely permanent. If production is lost through political strife in Libya, Algeria, Saudi Arabia, the Emirates, Iran, Iraq, or even a lesser combination of them, it will crater the global economy and change how we do everything here. George Will may even find himself having to ride a bicycle down the freeway in his head.
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