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    • dave42

      In 1972 my father sold everything our family had cars boats houses even the kids savings accounts.
      He purchased oil futures for the summer of 1973.
      At the time he was working as US cutting and metal working oils VP of Sun oil company.
      We lived in North Tonowanda NY he worked at the Niagara oil refinery on Grand Isle.
      In the fall of 1972 he and two others called for the shutdown of the refinery to clean the system.
      That period is when January heating oil was normally produced at the refinery.
      The result was that he had to travel to the refineries in Louisiana to over see their production of heating oil for the north east.
      That would have been the normal time for the southern refinery to begin producing summer gasoline for the north east.
      This shift in refinery production produced a back log of oil caring barges on the great lakes and the oil depot at the eastern ports.
      Those back logs cased the oil price in January of 1973 to plummet Opec was forced to reduce price to deliver the oil off the ships
      This angered the Opec and they declared embargo
      This caused the crude oil price for summer of 1973 to sky rocket
      He profited 63 Million dollars from his scheme.

      As a child I remember going to the Niagara river and seeing the entire river shore to shore filled with oil barges.
      I can not say for sure that his actions are the only actions that caused the oil crisis of 1973 but he was definitely a contributor.
      As most criminal minds he did not repay or share any of his wealth with our family.

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