1979 energy crisis

  

An energy crisis: There was one. Oil. Black gold. Texas "T." The Arab nations comprising OPEC banned together to take advantage of Jimmy Carter's weak foreign policy (which culminated in the Iranian capture of a bunch of U.S. diplomats for over a year). The group constrained oil supply a modest 5-ish percent, but demand panic sent prices skyrocketing. Hour long lines at gas stations. Fights. Crazy expensive prices with gasoline kissing over $15 a gallon at today's prices. Hey OPEC, try that again and let's see what Elon Musk does to you.

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Finance: What Are Commodities?74 Views

00:00

Finance allah shmoop What are commodities This is a comm

00:07

owed And this is my monnet ease And neither of

00:10

them have anything to do with commodities though if you

00:12

say them fast enough well you'll never mind A commodity

00:16

is something that is common like it's everywhere See the

00:20

com o there for the big hand Like gold is

00:23

a commodity it's everywhere oil is a commodity it's everywhere

00:26

seven hundred fourteen page paperback copy of moby dick is

00:29

a commodity and yes we can't resist clueless politicians are

00:33

a commodity as well Well a commodity is basically the

00:36

same thing no matter where and how you buy it

00:39

That copy of moby dick is the same copy whether

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you get it at your local bookstore If a physical

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book stores even exist anymore or on amazon the serial

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killer of those aforementioned book stores So if something is

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the same everywhere well what would be the opposite Well

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how about a swim lesson from michael phelps You know

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you can't buy that on amazon Not yet anyway Or

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say you want to be the proud owner of a

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three headed dog Well you might be able to find

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one somewhere but it's going to cost you a whole

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lot of kibble Or what if you were looking to

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buy a blouse like one that was worn by j

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edgar hoover Well those are pretty uncommon and or unique

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commodities Well the basic idea is that most commodities can

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be sold by lots of people so their profit margins

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are generally low They may sell an extreme volume but

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if you have thirty people competing to sell you that

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same copy of moby dick don't don't you think the

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last guy just desperate to get it off his shelves

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will drop the price really low and you'll take it

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Yeah unfortunately then you have to read that book That 00:01:41.357 --> [endTime] book really will be your way

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