February 29 - 1974: Anxiety over gas shortage

Cape Cod businessmen anticipate bankrupt businesses and soaring unemployment if the gasoline shortage continues into the summer without special provision for their tourist-based economy
OPEC oil embargo created a shortage of gas.

1974: High gas prices bring fear of bankrupt businesses and soaring unemployment

Cape businesses call for buses
to move visitors around

On this day in 1974 as reported by The Christian Science Monitor:

HYANNIS - Cape Cod businessmen anticipate bankrupt businesses and soaring unemployment if the gasoline shortage continues into the summer without special provision for their tourist-based economy.

But it tourists can be moved to, from and around the cape - even without adequate gasoline - the cape's tourist industry could continue to prosper.

So Cape Cod businessmen and town officials seek renewed rail service and more bus and air service while they also push for additional gas supplies to all Massachusetts resort regions.

Their efforts so far have not met with great success.

OPEC oil embargo

Independently, the OPEC members agreed to use their leverage over the world price-setting mechanism for oil to stabilize their real incomes by raising world oil prices.

This action followed several years of steep income declines after the recent failure of negotiations with the major Western oil companies.

Read more about the oil embargo here.

(The photo shows the lines backed up waiting for gas in 1974, credit, www.aliciapatterson.org The other photo credit to Wiki Commons.


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