US Steel Price Rollback

The steel industry is so huge it actually controlled a lot of the world's commerce. In 1962, US Steel wanted to raise the price of steel. None of you were born in '62, but I was. There was a big battle between the president of the United States and the president of US Steel, and Kennedy forced the US Steel industry to roll back its prices, because he said raising the price of steel would be inflationary to the world economy. It's the same thing as oil prices today. He could control US Steel; he can't control OPEC. You could pump oil out of the ground for a nickel a barrel back in 1960, and we had plenty in Texas and Saudi Arabia had even more. But then when oil became scarce, energy became the big thing, and not steel.