Discussion:
Who's to blame for high gasoline prices?
(too old to reply)
Pookie
2005-08-23 23:41:39 UTC
Permalink
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005


Gasoline prices are at record highs again. Many think oil companies are to
blame. A Field Poll from May 2004 showed that 77 percent of Californians
believed this to be true. But this just shows that people are misinformed
about who's causing high gas prices. Investigating a few clues can help find
out who's responsible.

One thing is certain: Oil companies are not the culprits. In California,
where gas prices are among the nation's highest, the oil industry has been
repeatedly investigated yet no evidence of "price manipulation" has ever
been found.

Though other factors cause high gas prices, such as high taxes and
increasing world demand, environmental regulation is among the primary
reasons. For example, environmental regulation has significantly restricted
drilling for oil in Alaska and on the continental shelf. More drilling will
increase the supply and thus lower prices.

Furthermore, 18 different gasoline formulations are in use across the United
States, making it much more costly to produce and distribute gasoline. These
blends aren't needed due to requirements of automobile engines, nor are they
required by oil companies. The blends, including different ones used at
different times of the year and in different geographic areas, are imposed
by environmental regulations. Among other things, the regulations force
refiners to incur greater costs in switching from the production of one
blend to another. They also force refiners to produce a more costly "summer
blend," which is partially responsible for the rise in price.

The situation is worse in California, where environmental regulations are
strictest. For example, California was one of three states to require the
removal of the octane booster MTBE in January 2004. This reduced the
gasoline supply by almost 10 percent, because MTBE accounted for about 10
percent of the volume in the old gasoline formula. Using corn-based ethanol
as a replacement doesn't help much, because California's strict emissions
regulations require the removal of almost the equivalent in other gasoline
components to accommodate ethanol. Ethanol must also be shipped from the
Midwest in trucks, because it cannot be produced in refineries and doesn't
travel well through pipelines.

As a result, gas prices were predicted to increase by 35 to 40 cents per
gallon. Given that the average price in 2004 was almost 30 cents higher than
in 2003, these predictions weren't too far off.

Additionally, California required gasoline stations to install double-
walled underground tanks, which forced many stations to rip perfectly good
single-walled tanks out of the ground. California also imposes the harshest
emissions requirements in the country, necessitating the use of a more
costly, special blend of gasoline not produced anywhere else. It's no
accident that gas in California is generally 30 to 40 cents above the
national average.

From drilling to refining to distribution, environmentalists have done
everything they can to raise gas prices.

The above raises a question: Why do environmental regulations exist?

One might think they exist to protect consumers, but the evidence doesn't
show this. For instance, MTBE was banned based on claims that it causes
cancer. However, it has never been shown to be a danger to humans in the
amounts to which they are typically exposed, according to a study by the
federal Environmental Protection Agency. Claims that it "causes cancer" are
based on experiments in which mice were fed doses almost 70,000 times larger
than to what humans are typically exposed. No scientist worthy of the title
would make claims based on that extrapolation.

Environmentalists are not actually concerned with the well-being of man.
Their real motive is to sacrifice man to nature by stopping industrial
activity. For instance, Adam Kolton of the Alaska Wilderness League states,
"Drilling the wildest place in America is objectionable no matter how it's
packaged." David M. Graber, a research biologist with the National Park
Service, states, "We are not interested in the utility of a particular
species, or free-flowing river, or ecosystem, to mankind. They have ... more
value -- to me -- than another human body, or a billion of them."

Oil companies deserve praise for producing an abundance of gasoline despite
the massive burden of environmental regulations foisted upon them. To
increase the gasoline supply, we need to start by eliminating needless
environmental regulations, including drilling bans and prohibiting certain
octane boosters. If the government makes the choice to protect people's
freedom, gasoline prices below a dollar-per-gallon won't be just a relic of
the past.

Brian P. Simpson is an assistant professor of economics at National
University in San Diego and author of the upcoming "Markets Don't Fail!"
(Lexington Books).


http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/04/14/EDGLUC816J1.DTL
james
2005-08-23 23:43:42 UTC
Permalink
Post by Pookie
Who's to blame for high gasoline prices?
If you're paying them, you share the blame.
jt
2005-08-23 23:55:25 UTC
Permalink
true
participation equals complicity
SheBlewHimDidYouBlowHim
2005-08-24 00:01:56 UTC
Permalink
horseshit, put me in charge of this country, I'll start bashing the oil
company executives heads in.
Their salary will be cut by 75% if not more

then I'll tell the goddamn muslim scum pieces of shit that for committing
9/11 and many other terror attacks, they will
be providing FREE oil to the west for the next 100 years.
Deaf Power
2005-08-24 00:39:22 UTC
Permalink
On Tue, 23 Aug 2005 19:41:39 -0400, "Pookie"
Post by Pookie
Who's to blame for high gasoline prices?
That's easy.

George W. Bush

the texas oil man.
djay
2005-08-24 02:14:17 UTC
Permalink
Look...

When bin laden and his buddies couldn't get John Scary elected after their
"bin laden" terrorist tape release just before the 2004 election, they
decided to jack up the price of oil. I believe they will do ANYTHING to get
a Democrat in office. When did Muslim terrorists (not "insurgents") enjoy
their biggest freaking expansion with no US intervention? Under the
Democratic regime of uncle Willie. Islamic Terrorists are being choked down
hard right now and they HATE it. They have their Muslim sympathizers
jacking up prices to get you nitwits to hate the current administration and
viola.... you go and elect Hitlary or whoever the hell else is on the
Democratic ticket. THEN they that idiot pulls us out of the area and the
terrorist CRAP festers again.

On the homefront under said Dem... Profiling is dropped again because it
"just isn't right says the ACLU" and we're freaking blind again. (By the
way and don't get me wrong - Bush is BLOWING it at the southern and northern
borders by IGNORING the influx of illegals)

Our terrorist buddies (ever know any of them that would not cut off your
head given the chance?) fester away but this time they're not bringing mere
air planes to bomb a few towers. Iran, because they aren't being told what
to do with their freaking nuke program, lends a couple of Anti Americans
(that'd be a TERRORIST) a couple of NUKES and because the homeland defense
system is not up and running any longer (that money went back to paying for
welfare moms under the elected Dem) they get in and wipe out LA and New
York.

** by the way if LA and NYC are gone there wont ever be a chance for another
Democratic President elect...**

Do I like paying a higher price for gas? No. But, I don't mind paying $5
per gallon if we can stop Terrorists from bringing down LA or NY or my
family or your family.

How about this....car pool... enjoy a tax break and buy a hybrid.... ride
your bike or (drum roll) Drill in Alaska! Oh wait... that might disrupt
the mating cycle of the Alaskan red-stripped mosquito... CRAP!

End rant....

Djay
Post by Deaf Power
On Tue, 23 Aug 2005 19:41:39 -0400, "Pookie"
Post by Pookie
Who's to blame for high gasoline prices?
That's easy.
George W. Bush
the texas oil man.
Liman Jig Tacker
2005-08-24 02:36:50 UTC
Permalink
On Tue, 23 Aug 2005 19:41:39 -0400, "Pookie"
Post by Pookie
Who's to blame for high gasoline prices?
--------------------------------------------------------------------------------

August 23, 2005
The $10,000 Question
By JOHN TIERNEY
I don't share Matthew Simmons's angst, but I admire his style. He is
that rare doomsayer who puts his money where his doom is.

After reading his prediction, quoted Sunday in the cover story of The
New York Times Magazine, that oil prices will soar into the triple
digits, I called to ask if he'd back his prophecy with cash. Without a
second's hesitation, he agreed to bet me $5,000.

His only concern seemed to be that he was fleecing me. Mr. Simmons,
the head of a Houston investment bank specializing in the energy
industry, patiently explained to me why Saudi Arabia's oil production
would falter much sooner than expected. That's the thesis of his new
book, "Twilight in the Desert: The Coming Saudi Oil Shock and the
World Economy."

I didn't try to argue with him about Saudi Arabia, because I know next
to nothing about oil production there or anywhere else. I'm just
following the advice of a mentor and friend, the economist Julian
Simon: if you find anyone willing to bet that natural resource prices
are going up, take him for all you can.

Julian took up gambling during the last end-of-oil crisis, in 1980,
when experts were predicting a new age of scarcity as the planet's
resources were depleted by the growing population. Julian had debunked
these fears in "The Ultimate Resource," the bible of Cornucopian
economics, which showed how human ingenuity had kept driving down the
price of energy and other natural resources for centuries.

He offered to bet the pessimists that oil or any other resource they
chose would be cheaper, in real terms, at any date they picked in the
future. The ecologist Paul Ehrlich, author of "The Population Bomb"
and "The End of Affluence," took up his offer and chose copper, tin
and three other metals worth $1,000 in 1980.

When the famous bet was settled 10 years later, the value of the
metals had declined by more than half. As usual, people had found new
ways to get the metals as well as cheaper substitutes, like the fiber
optic cables that replaced copper telephone wires.

After collecting his winnings, Julian expanded his challenge, offering
to bet anyone on any other resource price or measure of human welfare.
Julian, who died in 1998, never managed to persuade Mr. Ehrlich or
other prominent doomsayers to take his bets again. But now we have a
braver prophet in Mr. Simmons.

I proposed to him a bet using what Julian considered the best measure
of a resource's value: how it compares with the average worker's wage.
I offered to bet that the price of oil would not rise faster than the
average wage, meaning that future workers would be able to afford oil
more easily than they could today.

Mr. Simmons said he favored a simpler wager, based on his expectation
that the price of oil, now about $65 per barrel, would more than
triple during the next five years. He said he'd bet that the price in
2010, when adjusted for inflation so it's stated in 2005 dollars,
would be at least $200 per barrel.

Remembering a tip from Julian, I suggested that we use the average
price for the whole year of 2010 instead of the price on any
particular date - that way, neither of us would be vulnerable to a
sudden short-term swing as the market reacted to some unexpected news.
Mr. Simmons agreed, and we sealed the deal by e-mail.

The first person I told was Julian's widow, Rita Simon, a public
affairs professor at American University. She was delighted to see
Julian's tradition carried on and thought the bet sounded so good she
wanted a piece of the action herself.

With Mr. Simmons's approval, we arranged for Rita and me to split the
wager, with each of us putting up $2,500 against Mr. Simmons's $5,000.
(Note to accounting department: I'm aware that my expense account
doesn't cover gambling. I'm using my own money.) All the money is
being put into escrow in a joint account; the winning side will
collect the $10,000 plus any accrued interest on Jan. 1, 2011.

I realize this isn't a sure thing, because the price of oil has risen
before - it quintupled in the 1970's. But then it dropped, thanks to
new discoveries and technologies, validating the Cornucopians'
optimism.

So I figure the long-term odds are with me. And while I'm at it, I'll
extend Julian's challenge and consider bets from anyone else convinced
that our way of life is "unsustainable." If you think the price of oil
or some other natural resource is going to soar, show me the money.

http://www.nytimes.com/2005/08/23/opinion/23tierney.html?th&emc=th
Leftists = traitors
2005-08-24 02:49:20 UTC
Permalink
The Chinese and Indians have increase their
demand by 180% over the past five years.
That's 2.4 billion people.
CASE CLOSED!!!
a***@primus.com.au
2005-08-25 08:13:52 UTC
Permalink
Post by Leftists = traitors
The Chinese and Indians have increase their
demand by 180% over the past five years.
That's 2.4 billion people.
CASE CLOSED!!!
I believe you have to offset growth in China and India with the aging
population in western countries that will be consuming far less
resources than when the population was younger.

Supply and demand is an issue however, I remember the 74 oil crisis
when estimates came out that there was only 30 years supply of oil.
Certainly the high price for oil should result in increases in
production and exploration, better conservation as many people have
SUV's that don't need them, and investment that will lead to better and
lower cost alternative energy sources (hydrogen, solar, wind, etc). A
friend who works on oil rigs advised that there should be enough oil to
last 200 years but it depends on what the price is as to whether it is
viable to extract.
basilod
2005-08-24 03:34:33 UTC
Permalink
Post by Pookie
Who's to blame for high gasoline prices?
Who's to blame? - Very limited world resources of oil coupled with
insatiable appetites for burning oil in gas-guzzlers. It has been a little
over 100 years that we have been pumping out oil on large scale. Yet,
during those 100+ years none of the oil-"PRODUCING" nations has PRODUCED a
much as a drop of oil. Whatever oil we have underground has been PRODUCED
by mother-Nature over millions of years. At current rate of oil-consumption
growth (with China and India playing a catch-up game) we will pump out the
last drop of oil PRODUCED by Nature in some 30+ years.

You say "high gasoline prices?" - just wait 10 more years and the
supply-demand game will make gasoline more expensive than the most expensive
perfume in the world, which happens to be "Amouage" produced in Arabia
(Oman) http://www.amouage.com/englishweb/amouage/homepage.htm

How expensive is gasoline today? - you pay more for a gallon of bottled
water in the convenience store than you do for a gallon of gas! This
ridiculously low price will not stay.
GW Chimpzilla
2005-08-24 04:38:37 UTC
Permalink
Post by Pookie
Who's to blame for high gasoline prices?
Fat-assed conservative with their big fat piggy cars and SUVs. They drip
gluttony and their creed is greed.
Liman Jig Tacker
2005-08-25 02:44:29 UTC
Permalink
Post by GW Chimpzilla
Post by Pookie
Who's to blame for high gasoline prices?
Fat-assed conservative with their big fat piggy cars and SUVs. They drip
gluttony and their creed is greed.
Don't you miss the days when you could see 5 or 10 cars ahead of you?
Now you've got these gas guzzling behemoths that you have to pull to
the left of to see what's going on further down the road.
djay
2005-08-25 03:04:45 UTC
Permalink
Post by Liman Jig Tacker
Post by GW Chimpzilla
Post by Pookie
Who's to blame for high gasoline prices?
Fat-assed conservative with their big fat piggy cars and SUVs. They drip
gluttony and their creed is greed.
Don't you miss the days when you could see 5 or 10 cars ahead of you?
Now you've got these gas guzzling behemoths that you have to pull to
the left of to see what's going on further down the road.
Darned, polluting, loud, ugly freaking 18 wheelers....
Liman Jig Tacker
2005-08-25 03:49:26 UTC
Permalink
Post by djay
Post by Liman Jig Tacker
Post by GW Chimpzilla
Post by Pookie
Who's to blame for high gasoline prices?
Fat-assed conservative with their big fat piggy cars and SUVs. They drip
gluttony and their creed is greed.
Don't you miss the days when you could see 5 or 10 cars ahead of you?
Now you've got these gas guzzling behemoths that you have to pull to
the left of to see what's going on further down the road.
Darned, polluting, loud, ugly freaking 18 wheelers....
No I was talking about your mom's ass :)
djay
2005-08-25 04:08:10 UTC
Permalink
Post by Liman Jig Tacker
Post by djay
Post by Liman Jig Tacker
Post by GW Chimpzilla
Post by Pookie
Who's to blame for high gasoline prices?
Fat-assed conservative with their big fat piggy cars and SUVs. They drip
gluttony and their creed is greed.
Don't you miss the days when you could see 5 or 10 cars ahead of you?
Now you've got these gas guzzling behemoths that you have to pull to
the left of to see what's going on further down the road.
Darned, polluting, loud, ugly freaking 18 wheelers....
No I was talking about your mom's ass :)
Now THAT is DAMN funny!
lab~rat
2005-08-25 12:36:02 UTC
Permalink
On Thu, 25 Aug 2005 02:44:29 GMT, Liman Jig Tacker
Post by Liman Jig Tacker
Post by GW Chimpzilla
Post by Pookie
Who's to blame for high gasoline prices?
Fat-assed conservative with their big fat piggy cars and SUVs. They drip
gluttony and their creed is greed.
Don't you miss the days when you could see 5 or 10 cars ahead of you?
Now you've got these gas guzzling behemoths that you have to pull to
the left of to see what's going on further down the road.
Not to mention usually there's some dumbass soccer mom driving,
putting on makeup and yakking on the phone while she careens between
three lanes.

That's why I counter that bullshit with a gas guzzling muscle car that
can pass them fast.

Death to SUVs...
--
lab~rat >:-)
Do you want polite or do you want sincere?
Jesse
2005-08-24 14:54:53 UTC
Permalink
On Tue, 23 Aug 2005 19:41:39 -0400, "Pookie"
Post by Pookie
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005
Gasoline prices are at record highs again. Many think oil companies are to
blame. A Field Poll from May 2004 showed that 77 percent of Californians
believed this to be true. But this just shows that people are misinformed
about who's causing high gas prices. Investigating a few clues can help find
out who's responsible.
The largest component of the increase oil price per barrel is the
falling value of the U.S. dollar. Gold is up 62% since Bush has taken
office, and has risen from ~ $270 to ~ $440 an ounce.

1-- 38.77 Cents loss of the value of the dollar vs. euro since Bush
took office and in acted his economic policies. This would account
for oil going from $47 to $66 oil price per barrel (Dollar vs Euro
$1.19770 to $0.817590)

2-- 10% - 20% Terrorism premium. This would account oil going from $38
to $46 oil price price per barrel

3-- Increase demand $10 This would account oil going from $28 to $38
price price per barrel. $28 is where oil was when Bush took office.
Post by Pookie
One thing is certain: Oil companies are not the culprits. In California,
where gas prices are among the nation's highest, the oil industry has been
repeatedly investigated yet no evidence of "price manipulation" has ever
been found.
Though other factors cause high gas prices, such as high taxes and
increasing world demand, environmental regulation is among the primary
reasons. For example, environmental regulation has significantly restricted
drilling for oil in Alaska and on the continental shelf. More drilling will
increase the supply and thus lower prices.
Furthermore, 18 different gasoline formulations are in use across the United
States, making it much more costly to produce and distribute gasoline. These
blends aren't needed due to requirements of automobile engines, nor are they
required by oil companies. The blends, including different ones used at
different times of the year and in different geographic areas, are imposed
by environmental regulations. Among other things, the regulations force
refiners to incur greater costs in switching from the production of one
blend to another. They also force refiners to produce a more costly "summer
blend," which is partially responsible for the rise in price.
The situation is worse in California, where environmental regulations are
strictest. For example, California was one of three states to require the
removal of the octane booster MTBE in January 2004. This reduced the
gasoline supply by almost 10 percent, because MTBE accounted for about 10
percent of the volume in the old gasoline formula. Using corn-based ethanol
as a replacement doesn't help much, because California's strict emissions
regulations require the removal of almost the equivalent in other gasoline
components to accommodate ethanol. Ethanol must also be shipped from the
Midwest in trucks, because it cannot be produced in refineries and doesn't
travel well through pipelines.
As a result, gas prices were predicted to increase by 35 to 40 cents per
gallon. Given that the average price in 2004 was almost 30 cents higher than
in 2003, these predictions weren't too far off.
Additionally, California required gasoline stations to install double-
walled underground tanks, which forced many stations to rip perfectly good
single-walled tanks out of the ground. California also imposes the harshest
emissions requirements in the country, necessitating the use of a more
costly, special blend of gasoline not produced anywhere else. It's no
accident that gas in California is generally 30 to 40 cents above the
national average.
From drilling to refining to distribution, environmentalists have done
everything they can to raise gas prices.
The above raises a question: Why do environmental regulations exist?
One might think they exist to protect consumers, but the evidence doesn't
show this. For instance, MTBE was banned based on claims that it causes
cancer. However, it has never been shown to be a danger to humans in the
amounts to which they are typically exposed, according to a study by the
federal Environmental Protection Agency. Claims that it "causes cancer" are
based on experiments in which mice were fed doses almost 70,000 times larger
than to what humans are typically exposed. No scientist worthy of the title
would make claims based on that extrapolation.
Environmentalists are not actually concerned with the well-being of man.
Their real motive is to sacrifice man to nature by stopping industrial
activity. For instance, Adam Kolton of the Alaska Wilderness League states,
"Drilling the wildest place in America is objectionable no matter how it's
packaged." David M. Graber, a research biologist with the National Park
Service, states, "We are not interested in the utility of a particular
species, or free-flowing river, or ecosystem, to mankind. They have ... more
value -- to me -- than another human body, or a billion of them."
Oil companies deserve praise for producing an abundance of gasoline despite
the massive burden of environmental regulations foisted upon them. To
increase the gasoline supply, we need to start by eliminating needless
environmental regulations, including drilling bans and prohibiting certain
octane boosters. If the government makes the choice to protect people's
freedom, gasoline prices below a dollar-per-gallon won't be just a relic of
the past.
Brian P. Simpson is an assistant professor of economics at National
University in San Diego and author of the upcoming "Markets Don't Fail!"
(Lexington Books).
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/04/14/EDGLUC816J1.DTL
blazing laser
2005-08-24 15:56:47 UTC
Permalink
On Tue, 23 Aug 2005 19:41:39 -0400, "Pookie"
Post by Pookie
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005
We'd be less likely to blame the big oil companies if the higher
prices didn't mean huge profit increases for them. And if they didn't
basically have our government wrapped around their little finger. And
if the top 30-40 people in the admin. weren't from the oil industry.
Rob Olsen
2005-08-25 09:39:10 UTC
Permalink
bush
Steven L.
2005-08-26 17:13:05 UTC
Permalink
Post by Pookie
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005
Gasoline prices are at record highs again.
Stop right there.

In inflation-adjusted real dollars, gasoline prices are NOT much higher
than they were in the 1970's.

In 1975, gasoline prices were around 70 cents a gallon for unleaded.
But the Consumer Prices Index has more than tripled since then.

http://tinyurl.com/dmp59

If gasoline just kept up with inflation, it would cost around $2.54 a
gallon for unleaded now. Which is just about what it does cost.

As for the rest of the increase, world demand (especially from China)
has increased sharply, and there is a lot of speculation in the oil
market right now due to uncertainty over the Iraq War and the hurricane
season.

BTW: Back in 1976, I bought a fully loaded Buick Regal for under
$7,000. That same model of car costs around $30,000 today.
--
Steven D. Litvintchouk
Email: ***@earthlinkNOSPAM.net

Remove the NOSPAM before replying to me.
Rob Olsen
2005-08-26 17:23:48 UTC
Permalink
On Fri, 26 Aug 2005 17:13:05 GMT, "Steven L."
Post by Steven L.
Post by Pookie
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005
Gasoline prices are at record highs again.
Stop right there.
In inflation-adjusted real dollars, gasoline prices are NOT much higher
than they were in the 1970's.
That's not a good thing, especially for the party in power. It
doesn't really matter why the prices are higher then they've ever been
(even if only slightly higher), the party in charge is going to take a
hit for it. If prices continue to rise even at a slow rate over the
next year, incumbents all over the country are going to find
themselves in dire straits, especially republican incumbents.


-----

"A foolish consistency is the hobgoblin of little minds,
adored by little statesmen and philosophers and divines."

Emerson
timeOday
2005-08-26 18:58:05 UTC
Permalink
Post by Steven L.
Post by Pookie
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005
Gasoline prices are at record highs again.
Stop right there.
In inflation-adjusted real dollars, gasoline prices are NOT much higher
than they were in the 1970's.
Oh goody, a return to 1970s stagflation. I feel better now.
The Pretzel
2005-08-26 19:20:54 UTC
Permalink
--
Freedom may not be free but it shouldn't be a rip-off.
Post by timeOday
Post by Steven L.
Post by Pookie
Who's to blame for high gasoline prices?
- Brian P. Simpson
Thursday, April 14, 2005
Gasoline prices are at record highs again.
Stop right there.
In inflation-adjusted real dollars, gasoline prices are NOT much higher
than they were in the 1970's.
Oh goody, a return to 1970s stagflation. I feel better now.
What next from the 70's? Gas lines?
blazing laser
2005-08-26 20:45:00 UTC
Permalink
On Fri, 26 Aug 2005 17:13:05 GMT, "Steven L."
Post by Steven L.
In 1975, gasoline prices were around 70 cents a gallon for unleaded.
But the Consumer Prices Index has more than tripled since then.
The rapid rise in gas prices in the early 70s led to double-digit
inflation. That plus our national debt once gain spiraling out of
control is not good news.
Post by Steven L.
BTW: Back in 1976, I bought a fully loaded Buick Regal for under
$7,000. That same model of car costs around $30,000 today.
But it's a whole different car. The 70s was the nadir of American
cars.

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