Despite record gas prices,how comw we haven't seen long lines for gas like it was back in the 1970's?

Question

Despite record gas prices,how comw we haven't seen long lines for gas like it was back in the 1970's?

Answer 1

because it was rationed certain people could get gas on certain days. you couldnt fuel up whenever you wanted

Answer 2

In the 70's, we had a lack of supply.  The Arab members of OPEC reduced production to protest the Yom Kippur war.  They refused to ship Arab oil to countries who supported Israel, of which the US is one.  As a result, one of our major pipelines of product was cut off and we weren't able to supply finished gasoline to stations.

Currently, there is no embargo in place, so there are no lines at the pumps.  Price fluctuations are due to the weakening dollar and geopolitical tension, such as bombings in Nigeria and the recent attack on a Japanese tanker.  Once the dollar stabilizes and strengthens, aggressions subside in the Mideast and Africa, we will see a softening of prices at the pump.

People will claim the greedy oil companies are plotting to drive up prices, but the oil companies are competing for your dollars, so they do what they can to keep prices down.  Currently, 65% of the cost of gasoline is crude oil, 15% is taxation.  If the oil company has to buy its crude or can't get it out of the ground for less than market price, it can't make money on crude.  That leaves 20% of the cost of gasoline for refining, distribution and profit.  Yes, the oil companies make a lot of money, but keep in mind, we buy a LOT of oil...

Answer 3

Perhaps it is the fact that back in the '70's there were not enough refineries so a true shortage of refined gasoline was created and the tanks would run dry before you could fill up if you didn't get there in time.

Nowadays it is not a shortage but a controlled price by OPEC causing the higher price and there is plenty to sell but no access to cheaper gas from anyone because OPEC controls most or all of the available oil.

Answer 4

One of the biggest reasons is the fact that in the 70's the OPEC boys had an embargo on the US and we where only refining gas at 55% of the required demand. I remember thoughs days and it was not pretty. It would say about 80% of all cars on the road where V8 gas hungry cars so fuel consumption was very high. at 10 mpg you eat fuel quickly and having to fill a 20 or 25 gallon tank every 3  days was a killer.  I'm just glad that at that time I had tanks in my shop that we used to hold old gas that we pulled out of cars that where being scrapped or restored. I also used my motor cycle through most of that which helped as well. today we are meeting demand even though the prices are high. at the same time there are more high MPG motors on the road which helps reduce consumption. For more information check out the following sites.

Answer 5

I would think that their are so many people that cant affordeit (1) Its hard to see those little Mopeds in between the Pumps(2) The Man or Women walking down the road carrying a Gal. of Milk/ Nope they cant afford a Gas Can. Best Bet is to read your news paper,You will see a definite rise in BICYCLE fatalities. Good Luck Its 3.50 a Gal DSM Ia.