Parallels with earlier energy crises underscore US vulnerability to oil supply shocks today

02/03/2003
Various measures of US energy security indicate that the US might be heading for an energy crisis.Many of the warning signs that existed before the energy crises of 1973 and 1979 exist today, and they indicate that the current situation could be even worse.US dependence on petroleum imports has grown steadily for over a decade and has been at record levels for several years. US petroleum inventories are low, and the ability of the Strategic Petroleum Reserve (SPR) and commercial petroleum stocks to cope with an interruption in imports matches the historic lows preceding the 1973 and 1979 energy crises.The potential for an energy crisis has never been higher. Oil prices have recently excee...
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