Comments by "Harry Mills" (@harrymills2770) on "Joe Rogan Experience #2277 - Woody Harrelson" video.
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It's all kind of strange how the Carter administration is judged.
I think it all goes to the price of oil and the fact that USA regulations locked up all the oil that would have made OPEC a lot less of a threat to the American economy.
There was "old oil" and "new oil." You had to sell "old oil" at "old oil" prices, so if inflation made everything go up, you still had to charge the same old price for oil from your existing well. This really drove up prices, because they'd just cap the old wells, and have to explore for new sites, while the government simultaneously made it more and more expensive to open up new sites. Regardless of that, they should have been able to charge market prices for the oil.
A lot of people think we should nationalize the oil. All that would do is make a switch from people in it to make an honest profit to government contractors, overseen by Congress, which would just see dollar signs and a giant piggy bank to buy votes with. In the end, you still end up with a private outfit, only cut off from being responsible to its customers to being responsible to politicians. This is always a bad idea.
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