He fears we may soon have to add a line to the following table.
Gasoline shortages | Price increase | Price controls | Key factors | Business cycle peak |
---|---|---|---|---|
Nov 47-Dec 47 | Nov 47-Jan 48 (37%) | no (threatened) | strong demand, supply constraints | Nov 48 |
May 52 | Jun 53 (10%) | yes | strike, controls lifted | Jul 53 |
Nov 56-Dec 56 (Europe) | Jan 57-Feb 57 (9%) | yes (Europe) | Suez Crisis | Aug 57 |
none | none | no | --- | Apr 60 |
none | Feb 69 (7%) Nov 70 (8%) | no | strike, strong demand, supply constraints | Dec 69 |
Jun 73 Dec 73-Mar 74 | Apr 73-Sep 73 (16%) Nov 73-Feb 74 (51%) | yes | strong demand, supply constraints, OAPEC embargo | Nov 73 |
May 79-Jul 79 | May 79-Jan 80 (57%) | yes | Iranian revolution | Jan 80 |
none | Nov 80-Feb 81 (45%) | yes | Iran-Iraq War, controls lifted | Jul 81 |
none | Aug 90-Oct 90 (93%) | no | Gulf War I | Jul 90 |
none | Dec 99-Nov 00 (38%) | no | strong demand | Mar 01 |
none | Nov 02-Mar 03 (28%) | no | Venezuela unrest, Gulf War II | none |
none | Feb 07-Jun 08 (145%) | no | strong demand, stagnant supply | Dec 07 |
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