November 17, 2008
Fuel prices hit record highs. The cost of financing a fleet doubles. Used-vehicle values plummet. Dealers are unable to sell the vehicles they have in inventory. Geopolitically, the U.S. is embroiled in war and the macro-economy teeters on recession. If you think I'm talking about 2008, think again. The year was 1973.
Tags: 1973 oil embargo, Arab Oil Embargo, Credit Crisis, credit gridlock, fuel prices, recession, stock market crash