Friday, December 7, 2012

Flashback Friday: Energy crisis of early '70s

The energy crisis of 1973-74 – brought about by the Arab oil embargo – sent a shock wave through the American economy.

The embargo led to short-term gasoline rationing, caused petroleum prices to quadruple and increased demand for other fuels. Coal prices tripled, increasing the financial pressures on our company. Our natural gas business faced a double whammy: soaring prices and diminishing supplies. 

We continued to expand natural gas service to residential customers but had to impose a moratorium on new service to industries and other large customers. In 1975, we made the wise use of energy and conservation of energy resources a top priority to help customers.

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