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“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.”

Excerpt from: The unanimous Declaration of the thirteen united States of America

Top 10 Hybrid States (2006 Calendar Year): California led all states in hybrid sales with 67,533 last year. Los Angeles was the top market at 30,989, according to R.L. Polk. Combined Top 10 states accounted for 155,979 registrations at 61.3% of overall US registrations.

1. California – 67,533 (Hybrid Registrations); 26.5 (Hybrid Volume %)

2. Florida – 12,900 (5.1)

3. Texas – 12,550 (4.9)

4. New York – 11,634 (4.6)

5. Virginia – 10,424 (4.1)

6. Illinois – 9,495 (3.7)

7. Washington – 8,650 (3.4)

8. Pennsylvania – 8,407 (3.3)

9. Massachusetts – 7,365 (2.9)

10. New Jersey – 7,021 (2.8

End of Bretton Woods

On August 15, 1971, the United States pulled out of the Bretton Woods Accord taking the US off the Gold Standard (whereby the value of the dollar had been pegged to the price of gold), allowing the dollar to “float”. Shortly thereafter, Britain followed, floating the pound off sterling. The industrialized nations followed suit with their respective currencies. In anticipation of the fluctuation of currencies as they stabilized against each other, the industrialized nations also increased their reserves (printing money) in amounts far greater than ever before. The result was a depreciation of the value of the US dollar, as well as the other currencies of the world. Because oil was priced in dollars, this meant that oil producers were receiving less “real” income for the same price. The OPEC cartel issued a joint communiqué stating that forthwith they would price a barrel of oil against gold. This led to the “Oil Shock” of the mid-seventies. In the years after 1971, OPEC was slow to readjust prices to reflect this depreciation. From 1947-1967 the price of oil in U.S. dollars had risen by less than two percent per year. Until the Oil Shock, the price remained fairly stable versus other currencies and commodities, but suddenly became extremely volatile thereafter. OPEC ministers had not developed the institutional mechanisms to update prices rapidly enough to keep up with changing market conditions, so their real incomes lagged for several years. The large price increases of 1973-74 largely caught up their incomes to Bretton Woods levels in terms of other commodities such as gold.[4]

The Carter Administration began a phased decontrol of oil prices on 5 April when the average price of crude oil was US$15.85. Over the next 12 months the price of crude oil rose to $39.50 (its all time highest real price until March 3, 2008[7]. During this period domestic U.S. oil output rose sharply from the large Prudhoe Bay fields while oil imports fell sharply. However, since there were no price controls on imported oil, this had no impact on boosting the supply of gasoline in 1979. Hence, long lines appeared at gas stations, as they had six years earlier during the 1973 oil crisis.

As the average vehicle of the time consumed between 2-3 liters (about 0.5-0.8 gallons) of gasoline (petrol) an hour while idling, it was estimated that Americans wasted up to 150,000 barrels (24,000 m³) of oil per day idling their engines in the lines at gas stations.[8]

During the period, many people believed the oil companies artificially created oil shortages to drive up prices, rather than simply high prices caused by natural factors beyond any human influence or control. Many politicians proposed gas rationing, such as the Governor of Maryland, Harry Hughes, who proposed odd-even rationing (only people with an odd-numbered license plate could purchase gas on an odd-numbered day), as was used during the 1973 crisis. Coupons for gasoline rationing were printed but were never actually used during the 1979 crisis. [9]

darcy Carter

July 2020

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