Do you recognize a difference between a faked oil shortage, and a real oil shortage?I think people get the idea that the oil shortage was fake because of all the oil deposits that have been discovered in the last 50 years. It was there when the shortage was going on. So therefore to them, there was no shortage.
Our refining capacity, lack of technology to find oil and drill deeper for it and fracking has come a long way since Carter was president.
Real oil shortages exist when the demand for oil is greater than the supply. It does not matter how much oil is in the ground. The oil in the ground does not define our supply of oil, because if we can't find it, it is not part of our supply. If we do not have the technology to extract it from the ground, it is not part of our supply.
Just as important is the demand side of the equation. If only 15 people in town have horseless carriages a small pool of easily accessible oil that is barely underground will seem like a eternal supply of oil. Today the demand for oil is so large an extremely large pool of oil can be exhausted in a few years.
Controlling demand is a matter of pricing. When gasoline goes over $4 a gallon people stop driving if they don't have too, however, we have designed our communities for an endless supply of oil, and even when people can not afford $4 a gallon for gas, they must pay it, and that means cutting out expenses such as food. If people start eating less to pay for gas, that hurts the food chain and all the businesses in the food chain, that must also pay more for oil, but now have to charge less to sell the product or services. Now people start loosing their jobs and eventually there is talk of slow economic growth and then a recession. Neither the Republican nor Democratic party wants this. A large supply of cheap gas is essential to all economies like ours.
Our military is highly dependent on oil and when we must depend on foreign nations for oil they have a lot of political power over us, and that has everything to do with the state of affairs today. We have regained oil independence but the deals made when we had to deal with OPEC on OPEC's terms still trouble us today. Now the Saudi Arabians can kill an internationally important journalist and nothing can be done about that. The US is sucked into mid-east conflicts and if the Saud's say hitting their oil was an act of war, the US has to take action that will appease the Saud's. This is not a follow the money matter. It is a mad scramble to cover our asses and not be controlled by those who have the oil. Our dependence on oil has become a serious weakness and embedded us in serious mid-east problems, demanding a stronger and stronger military presence and spending to cover up our weakness. THERE WAS A VERY SERIOUS LACK OF OIL SUPPLY AND THE PROBLEMS HAVE NOT GONE AWAY.