It was a sudden and epic flood of oil the likes of which the country hadn’t seen before. According to the government’s numbers, the Energy Information Administration, over a seven-week period domestic stocks of crude gushed by a then-record 34.4 million barrels. The last time America had experienced close to that number was March and April 1990, just prior to the start of what should have been called the S&L recession.
This was again March and April, though in the year 2001. Up to the prior November, policymakers and Economists had refused to consider anything other than inflation as their top priority, much of it – as always – driven by oil prices.
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