{"id":4111,"date":"2015-01-05T15:31:45","date_gmt":"2015-01-05T20:31:45","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4111"},"modified":"2015-01-05T15:31:45","modified_gmt":"2015-01-05T20:31:45","slug":"a-stick-in-the-stocking-santas-supply-shock","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4111","title":{"rendered":"A Stick in the Stocking: Santa\u2019s Supply Shock"},"content":{"rendered":"<h4><a href=\"http:\/\/steadystate.org\/a-stick-in-the-stocking-santas-supply-shock\/\" target=\"_blank\">A Stick in the Stocking: Santa\u2019s Supply Shock<\/a><\/h4>\n<p>It\u2019s d\u00e9j\u00e0 vu all over again: another oil \u201csupply shock.\u201d Seems like we\u2019ve had one every few weeks for the past few months. Santa stuck another one in the Christmas stocking, and by New Year\u2019s Eve crude oil prices\u00a0<a href=\"http:\/\/q13fox.com\/2014\/12\/31\/how-low-will-oil-prices-fall\/\">fell to Great Recession levels<\/a>.<\/p>\n<p>Frankly, though, an oil supply shock is hardly . . . well, hardly shocking by now! Furthermore, this is the kind of oxymoronic \u201cshock\u201d people enjoy, or at least most people in a growth-obsessed economy. We have a sudden increase in production and therefore drop in price,\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/2014-11-30\/iran-wary-of-oil-shock-therapy-as-opec-vies-for-market-share.html\">due mostly to OPEC<\/a>. The drop in price sort of undermines the meaning of shock, no? Gas is below $2\/gallon. \u201cIf such is a shock,\u201d we say, \u201cbring it on!\u201d<\/p>\n<p>Historically, though, the phrase \u201csupply shock\u201d would evoke deprivation, pain, and fear. In the 19<sup>th<\/sup>century the most notorious supply shock was the dramatic decrease in the availability of whale oil in the 1860s, due partly to the side-tracking of the New England whaling fleet during the Civil War. Sperm whale oil had been the predominant domestic fuel, used in household lamps as well as for heating, and adjusting to different fuels wasn\u2019t easy.<\/p>\n<p>In the 20<sup>th<\/sup>\u00a0century, perhaps the biggest supply shock was the\u00a0<a href=\"https:\/\/history.state.gov\/milestones\/1969-1976\/oil-embargo\">OPEC oil embargo<\/a>\u00a0of 1973. This time, there was no other significant fuel to adjust to, and the embargo resulted in a historic stock market crash. Now that\u2019s a supply shock.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Stick in the Stocking: Santa\u2019s Supply Shock It\u2019s d\u00e9j\u00e0 vu all over again: another oil \u201csupply shock.\u201d Seems like we\u2019ve had one every few weeks for the past few months. Santa stuck another one in the Christmas stocking, and by New Year\u2019s Eve crude oil prices\u00a0fell to Great Recession levels. Frankly, though, an oil [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[263,1775,2437,600],"class_list":["post-4111","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-energy","tag-oil-price-collapse","tag-oil-supply-shock","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4111"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4111\/revisions"}],"predecessor-version":[{"id":4112,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4111\/revisions\/4112"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}