Paul Krugman | Europe’s Gonna Party Like It’s 1979 – The New York Times

By Paul Krugman

Opinion Columnist

“You probably have to be a senior citizen to remember the gasoline shortages of 1979. I am, and I do. I also remember how demoralizing they were. Then as now, outside a few big cities, America was a highly car-dependent nation, and waiting in long lines, not knowing whether you would be able to fill up, was deeply disconcerting.”