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.

Related or Semi-related Video

Finance: What is a Self-Regulatory Organ...71 Views

00:00

finance a la shmoop what is a self-regulatory organization or SRO and

00:09

no it's not standing-room-only SRO throw me the money yeah well yeah it's [Standing room only sign appears at dance floor]

00:15

something like that alright so here's the sitch its 1927 and the headlines are

00:20

riddled with stories of city slickers getting rich on Wall Street investing in [Newspaper front page appears]

00:24

things poor farmer Joe never heard of and couldn't even spell if he tried and

00:29

wheat ain't one of the things Beauregard is investing in so along comes farmer [Beauregard appears from cornfield]

00:34

Joe at just the wrong time literally betting the farm on velcro parachutes

00:38

only to go bankrupt after the market crash and multiple physical human [People falling from sky]

00:43

crashes that followed yeah look out below

00:45

then came the various 1933-34 and other acts all of which tried to further

00:50

legislate fair and square dealing in the investing world in the US well if you [People shake hands]

00:55

were living outside of the US well you were on your own ha well one of the [Man holding Canada flags]

01:00

things that came along was the SEC the Securities and Exchange Commission which

01:05

was given powers to regulate and pursue bad dealers well stock brokers bore the [Stockbroker in a suit appears]

01:10

brunt of much blame for unfair or bad selling practices to the ignorant the

01:15

unqualified the you know farmer hand but the brokerage industry realized quickly

01:20

that it would be dead on its own or at least regulated to death if it didn't [Death walks up to stockbroker]

01:25

step up and manage its own people so along came a variety of SRO or

01:31

self-regulatory organizations which lived ostensibly outside of the direct

01:36

control of the legislative bodies behind them and in a strange way they are

01:41

vastly more effective why well because stockbrokers know how other stockbrokers [Stockbroker laughing and reading a book]

01:47

cheat catching the bad eggs is a whole lot easier when you're putting them in [Man picks up egg from basket]

01:51

your own basket rather than into your you know hula hoop so today FINRA is the [Egg thrown into hoola hoop]

01:56

largest and most pervasive SRO and it manages myriad elements of Wall Street

02:02

and the investing community world in America and a little bit beyond yeah so

02:06

if you're dying to learn more about FINRA we've got you covered we can throw

02:10

you the video that we did it's Spielberg it's fun for that one [Jerry watching FINRA shmoop video]

Up Next

Finance: What Are Commodities?
74 Views

What are Commodities? Commodities are primarily defined as everyday resources consumed by most people in industrialized societies that are derived...

Finance: Are monopolies evil? Should they be regulated? Should they be illegal?
28 Views

Are monopolies evil? Should they be regulated? Should they be illegal? Monopolies in and of themselves, are neither good nor evil. How they conduct...

Finance: What is the Free Rider Problem?
10 Views

What is the Free Rider Problem? The free rider problem occurs when people take more than their contributed fair share of a common resource. In the...

Finance: What is Recession?
15 Views

What is a recession? Luckily, it has nothing to do with your hairline...hit play to find out more.

Find other enlightening terms in Shmoop Finance Genius Bar(f)