Leaving Fossil Fuels Like Oil and Natural Gas Underground Makes No Sense

What would happen if climateers succeed in their campaign to keep fossil fuels in the ground?

The experience of Walt Disney World in Orlando more than 40 years ago provides some answers. In 1973, two years after it opened, plans to expand Disney World beyond the original theme park were jeopardized when war broke out in the Middle East. An oil embargo was placed on Western countries, and President Nixon introduced gasoline rationing and price controls that lasted for nearly a decade under three U.S. presidents: Nixon, Ford and Carter. For a resort that received the majority of its visitors by car, the price controls and rationing were nothing short of a disaster. Attendance at the Magic Kingdom crashed, and Disney’s share price fell by more than half.

It wasn’t just Disney World and Florida tourism that suffered from the spike in gasoline prices. Areas from Chicago to Houston to Los Angeles to Phoenix experienced a similar crash, with motorists lining up for hours to fill their cars with gasoline. Businesses and construction projects suffered, factories closed and several million Americans lost their jobs during the 1973-1975 recession that was largely the result of the shock of higher energy prices…

 

Click Here For Remainder of Article 

Posted in: Opinion

About the Author:

Post a Comment