Did you know that the yen-dollar was over 300 yen to 1 USD back in 1972?
Ah, data. The new oil, they say. But before we lose ourselves in the digital deluge, let's cast a glance back at the original black gold and its surprising link to... toilet paper. Remember the 1970s oil crisis? That little kerfuffle where prices quadrupled, sending developed nations into a frenzy. My parents still vividly recall the panic buying, the empty shelves, and yes, even the toilet paper hoarding.
It's easy to forget how deeply our daily comforts are intertwined with that "smelly refined transparent liquid," as you so aptly put it. Crude oil may not be a direct ingredient in your favorite brand, but its tendrils reach far and wide, impacting the production and distribution of toilet paper (and countless other goods) in ways we rarely consider.
Back in the early 1970s, that impact was undeniable. Energy-intensive pulp mills, transportation costs fueled by oil, even plastic packaging – all felt the sting of rising prices. While pinpointing an exact cost increase for toilet paper remains elusive, historical inflation numbers hint at a significant jump. Remember, the US inflation rate skyrocketed to 9% in 1973 and 12.3% in 1974. Ouch.
But wait, there's more! Your insightful chart of the USD/JPY exchange rate adds another layer to the story. Today, the yen sits precariously near 150 to the dollar, half its value compared to 1973. What does this tell us? Perhaps that currency fluctuations, often tied to global events like oil shocks, can further complicate the price puzzle.
Yet, amidst the historical echoes, a brighter note emerges. We've come a long way since the panicked stockpiling of yore. The "new oil," data, powered us through the COVID-19 storm, accelerating drug development, information sharing, and even, yes, online toilet paper purchases. Video calls bridge continents, and information flows freely, a stark contrast to the isolation of the 1970s.
As we face new conflicts and natural disasters, the lesson remains clear: learning from history is vital. Let's leverage technology and data responsibly, not just for convenience, but to build a more resilient and connected future. And hey, next time you reach for that roll, maybe spare a thought for the intricate, oil-tinged journey it took to get there.