Will It Happen Again?
While Americans struggle to pay for necessities like food and gas, oil companies are raking it in. Exxon Mobil reportedly made a $17.85 billion profit for the second quarter, and Chevron came in at $11.62 billion. It's a complete turnaround from the early days of the pandemic, when fuel demand dropped and bankruptcies went up. Unfortunately high prices aren't going away anytime soon, leaving some experts wondering if a full-blown energy crisis is on the way. Of course, if you lived through the 1970s, you've already been through one — and chances are you probably aren't eager for an encore. Here's a look back at life in the '70s after oil supplies dwindled.
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