What Do OPEC and Hanukkah Have in Common?

The Jewish festival of Hanukkah, meant to commemorate a long-ago miracle, begins tonight at sundown. What is the miracle being celebrated?

Not, as you might think, the Maccabees’ very unlikely military victories against the mighty Syrian-Greek army. While that used to be the miracle that Hanukkah was built around, many years ago and for a relatively short time, it was ultimately replaced by a different miracle: that when the Maccabees recaptured their temple and found only one day’s worth of pure olive oil, the oil miraculously burned for eight days. In other words, the Maccabees miraculously overcame a potentially devastating oil shortage.

And so it seems worth noting that today, on the eve of Hanukkah, comes the announcement that OPEC has decided to cut oil production by 500,000 barrels a day as of February 1. This will create our very own oil shortage — admittedly a very minor one, whose intent is to regulate its price. And when it happens, it will probably take a miracle to prevent Americans from flipping out over the cost of gas.

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  1. Steve,

    Price of oil will increase in order to prevent any shortage. This is pretty basic stuff.

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  2. Steve,

    Price of oil will increase in order to prevent any shortage. This is pretty basic stuff.

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  3. mhertz says:

    that’s what he said: “…it will probably take a miracle to prevent Americans from flipping out over the cost of gas.” — i.e. over an increase in the cost of gas.

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  4. mhertz says:

    that’s what he said: “…it will probably take a miracle to prevent Americans from flipping out over the cost of gas.” — i.e. over an increase in the cost of gas.

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  5. GamblingEconomist says:

    The similarity is that the OPEC shortage will be alleviated by the same way the kosher oil shortage was alleviated — Cheaters. A member country will cheat on its quota and slip some extra oil supply into the system to make some extra money just like somebody must of slipped some non-kosher oil into the menorah.

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  6. GamblingEconomist says:

    The similarity is that the OPEC shortage will be alleviated by the same way the kosher oil shortage was alleviated — Cheaters. A member country will cheat on its quota and slip some extra oil supply into the system to make some extra money just like somebody must of slipped some non-kosher oil into the menorah.

    Thumb up 0 Thumb down 0