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Originally Posted by ezrabrooks
DTS..if you saw tankers stacked up on the Hudson...refusing to unload crude..so be it. And yes the price at the pump went up. Crude oil sky rocketed...so price at the pump, on whatever product was available, went up. This time we topped out at about $75 per barrel...back in the early 80's, after the embargo, the highest price I remember was about $46 per barrel. So prices, at the pump, went up in both cases.
Ez
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Ez,
The fact is that they weren't refusing to unload. They weren't allowed to.
One of my friend's fathers ran a company called Hudson River Pilots. The company takes pilots out to the ships while outside NY harbor and guides them in to their destination inside the port.
Since the tankers couldn't off load, they anchored them.
All I was attempting to say is that the oil market can be manipulated.
I don't remember $75 per barrel in the 80's, but I'll take your word on it.
btw...oil isn't flowing out of Iraq because the pipelines keep getting sabotaged.