In October 1973, on the Jewish holy day of Yom Kippur, Egypt and Syria simultaneously attacked Israel in what is known today as the Yom Kippur war. After the Soviet Union started supplying arms to the two Arab aggressors, President Nixon began supplying munitions to Israel.
In retaliation for support of Israel, the Organization of Arab Petroleum Exporting Countries (OAPEC) declared an embargo on oil shipments to the united States (as well as to the Netherlands, who also supported Israel in their resistance to annihilation).
The United States, laboring at the time under the delusions of the Eco-fascist coalition, had been steadily curtailing domestic oil production for years. And since the Eco-fascists were, at the same time, continuing to drive their town cars and SUVs, that meant that the United States was importing more and more foreign oil every year.
The 1973 oil embargo not only taught the Arabs that they could use oil as a political weapon, it also awakened the United States government to the obvious fact that we were vulnerable to such attacks. The response of our government to that revelation was not, however, the common sense course of removing government restrictions on domestic oil production. It was to impose restrictions the exportation of domestic oil!
In 1975, Congress passed the Energy Policy and Conservation Act, (EPCA). the EPCA established the "Strategic Petroleum Reserve" (a plan to import mid-east oil and pump it into the ground instead of pumping our own oil out of the ground).
The EPCA also imposed arbitrary (and costly) fuel economy standards on US produced automobiles and arbitrary (and costly) energy consumption limits on US produced appliances.
And it authorized the President to impose an embargo on the export of US crude oil. President Ford signed the EPCA into law in December 1975. It is still in effect.
Incidentally, there is no ban on the export of gasoline or of diesel fuel, and both are being freely exported by a number of companies as we speak. EPCA bans only the export of crude oil, which was the only concern of a short-sighted Congress 40 years ago.
EPCA is a classic example of Eco-fascism – the placement of responsibility for the ecology (and the economy) in the incompetent (and rapacious) hands of the federal government. Of course, no gaggle of politicians could ever possibly control (or even affect) the ecology of a planet. Ecology is a red herring – an excuse for the government to pursue their true goal of controlling the economy.
So are we running out of oil in the ground? In 1970, official estimates of US reserves were 30 billion barrels. From 1970 to present, we have pumped nearly 7 times that amount – 200 billion barrels – from those same fields. And today's official estimate of US reserves? 30 billion barrels. These "estimates" are obviously propaganda plants by the anti-industrial Eco-fascists.
If you think that's political hyperbole, consider that a recent US Geological Survey report identified from 1.5 to 3 trillion (1,500 to 3,000 billion) barrels in just one untapped shale formation known as the Green River formation under Utah, Colorado, and Wyoming. We use 7 billion barrels a year.
We have more oil than we could use in the next 1,000 years. Let's sell some of it.