About Albert Marrin: Albert Marrin is an American historian, professor of history, and author of more than forty juvenile nonfiction books.
By the fall of 1918, it was clear that a nation's prosperity, even its very survival, depended on securing a safe, abundant supply of cheap oil.
America experienced its first oil shock. Within days of the cutoff, oil prices rose from $2.90 to $11.65 a barrel; gasoline prices soared from 20 cents to $1.20 a gallon, an all-time high. Across America, fuel shortages forced factories to close earl...
It is in our best interest to. . . embark on a revolutionary change that will lead us away from oil dependency rather than drag our feet and suffer the costs of becoming growingly dependent on a diminishing resource.' Truer words were never written.
Rising demand for oil exposed Europe, and later America, to oil shocks - serious interruptions in supply. Like a pebble tossed into a pond, an oil shock creats ripples, or effects, felt everywhere. Oil shocks have two causes. The first is natural, be...
