Stagflation Was Impossible Until the First Arab Oil Blockade

Описание: In October 1973, Arab oil exporters cut off the United States — and within weeks, gas stations across America were running dry before sunrise. The crisis triggered stagflation: inflation and recession simultaneously, a combination economists had declared impossible. The mechanism was geography — a single chokepoint called the Strait of Hormuz, twelve miles wide, through which a dominant share of the world's oil supply had to pass. Control it, and you controlled everything downstream.

Here's what the recovery didn't fix: America eventually did escape direct dependency. Domestic production climbed back. Imports through the Strait fell. By the 2020s, US oil production was at record highs. The counterargument to "we're still vulnerable" sounds airtight — until you look at how global oil markets actually work. Oil is priced globally. A closure of the Strait doesn't need to touch a single barrel bound for an American port to send US gas prices through the roof and tip the economy into recession. America escaped the gas line by building an economy where the same chokepoint can crash it — just by affecting someone else. That's not an improvement. That's a more sophisticated trap.

The lesson that wasn't learned: you can't insulate yourself from a chokepoint by becoming its guardian — or by offshoring your dependency onto the global price system. We know this because the documents say so.

#MiniHistory #ai #aivideo #OilCrisis #Stagflation #StraitOfHormuz #ColdWarHistory #Geopolitics #EconomicHistory #USHistory #EnergyPolicy #globaleconomy

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